Citibank^® Electronic Receivable Services

Designed to streamline your collections processes, Citibank® Electronic Receivable Services consolidates your customers’ payments for faster, more accurate information gathering. It’s ideal for any business that receives recurring consumer payments, such as utilities, telephone companies and consumer financing providers.

By consolidating payments and remittance information originating from online banking partners, consumer credit counseling services, in-person payment centers, and other third-party bill-pay providers into one stream, Citibank Electronic Receivable Services can help you:

• Improve working capital with faster collections of customer payments
• Eliminate lockbox errors and fees while ensuring a high level of data accuracy
• Increase customer satisfaction and reduce the costs of billing complaints and delinquent payments
• Speed data and improve decision making with automated posting to accounts receivables systems
• Accelerate receipt of consumer payments, improving working capital and Days Sales Outstanding (DSO)
• Improve internal operating efficiencies by improving automatic cash posting to A/R

Each day, Citibank collects payments and associated remittance details from all major networks—as well as Citibank® Online—then makes a single daily aggregated ACH credit to your account. You receive a consolidated remittance file that details each payment for seamless posting to your A/R systems.