Citi has launched Citi Payment Exchange, its integrated institutional payment-processing solution, in Canada.
The service, which was first launched in the US in 2012, allows clients to seamlessly migrate from paper-based instruments to electronic payments.
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The bank claims that the service will enable Canadian clients to have access to a secure payment portal, which benefits buyers’ Accounts Payables organizations.
Citi Treasury and Trade Solutions North America region head Michael Fossaceca said: "US clients who use Citi Payment Exchange have seen extremely positive results and, with many of our TTS Canada clients operating cross-border, this expansion was a logical next step.
"Citi Payment Exchange will help our current and prospective Canadian clients increase efficiency and reduce costs, while improving visibility and insight into payments costs."
According to Citi, the service will enhance clients’ experience in making payments to suppliers and third parties by managing and securely maintaining payee payment preferences, bank account details and related information; simplifying processes around payment execution.
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By GlobalDataIt also increases visibility and control for suppliers and other payees; creates opportunities for improved working capital and commercial card rebates; reduces the potential for payment fraud; and converts payments to third-party payees into a relationship-building tool, the bank claimed.
The service also aims to help clients manage the time-consuming task of marketing to and enrolling suppliers for electronic payments.
