Citi debuts paperless cross-border payment solution

Citi India has this week announced the launch of an industry-first digital cross-border payment solution.

Aligning with Citi India’s national agenda of improving the ease of doing business, the bank is introducing the first paperless cross-border payment solution for corporates aimed at reducing time, effort, and cost.

Working in conjunction with the Indian government, Citi India’s $660 billion cross border trade had been given the tick of approval for the implementation of the new payment solution, designed to increase efficiency and simplicity across same day banking transactions.

Clients would be able to share import payment information by quoting the Reserve Bank of India’s (RBI) Import Data Payment and Monitoring System (IDPMS) number.

Citi South-Asia head of treasury and trade solutions, Debopama Sen, said the offering cemented Citi’s place as a digital innovator.

“We are constantly on the lookout to provide our institutional clients with solutions that help manage their working capital, financial position, supply chains worldwide and securities portfolios better,” he said.

“This is a huge step towards simplifying cross-border trade payments which significantly improves efficiencies for our customers and enhances the digital experience.”