Citigroup has launched a payment flow management service that gives financial institutions more information and reports on the US dollar payments that are put through the bank's clearing system. Clients will get real-time updates on the status of payments, rather than waiting for an end-of-day statement.
The new service is available in all Asian markets and is being targeted towards clients that have significant US dollar payment volumes, such as other banks and financial institutions.
Payment flow information is delivered via the web on CitiDirect or via SWIFTNet Browse. Users can monitor payments in real-time, prioritize payments, monitor balances and create custom reports.
"The service allows clients to track where their US dollar payment is as it moves through our system," says Eileen Dignen, director of global payments for Citigroup Global Transaction Services. "With this level of transparency, clients can better manage their treasury and liquidity." She says real-time information about funds transfers will help to improve their capital markets and trade-related businesses. "Ultimately allowing them to provide a better service to their customers."