Global organizations manage millions of payments received in multiple currencies via multiple instruments and channels. When payments are sent with incomplete or inconsistent remittance data, companies must manually gather information from clients and reconcile information from multiple sources—a labor-intensive and costly process.
Citi streamlines and simplifies the complexities of the accounts receivable reconciliation process, reducing administrative costs and days sales outstanding. Citi’s solution consolidates, enriches and structures receivables data in one electronic file. Enrichment capabilities include a virtual account solution, an automated payer identification service available in Asia and EMEA that embeds payer information in receivables data. Citi® Accounts Receivable Matching Services automatically matches payment information with outstanding open items, eliminating multiple manual processes and closing open items on the receivables ledger more quickly.
Click here for more information about Citiís receivables solutions.