Sri Lankan mobile phone operator Mobitel has adopted a total cash management solution provided by Citi to streamline its treasury processes.
Under the terms of the mandate, Citi has automated and centralised Mobitel's payables, receivables and reconciliation processes with its local Sri Lankan branch. The mandate utilises the bank's electronic banking platform, called CitiDirect.
Through experience and innovation, the Citi team successfully structured a solution that truly enhances processes and provides value creation benefits to Mobitel, said Nishantha Weerakoon, senior general manager of finance and procurement at Mobitel.
Before this new solution was implemented, the company's payables, receivables and reconciliation functions were siloed and processed manually, and its accounts were spread among several...