Co m m e rcial contracts support the process of trade. Ye t
payment cycles can sometimes stretch on for months
beyond the commercially agreed terms. Often this is due to
disputed documents and a fragile system of manual pro c e s s e s .
But such common challenges may soon be a thing of the past
as banks use technology to simplify the exchange of invoices
and the initiation of payments.
At Citibank, one of the most innovative Cash
Management and Technology banks in Asia, the launch of
two new products – CitiConnect and Citibank e-Billing – will
deliver significant commercial capabilities for its customers.
These two new products form a powerful proposition for cus-
tomers to leverage Citibank regional and global infrastru c-
t u re to streamline and enhance their customer management
o p e r a t i o n s .
The two products form part of an integrated accounts
receivable process. e-Billing facilitates the efficient pro c e s s i n g
of invoices, improving communications and providing better
visibility and control over both the payables and re c e i v a b l e s
p rocesses for both the buyer and the seller. e-Billing stre a m-
lines the communications process between the financial
d e p a rtments of trading partners and, through CitiConnect,
p rovides online payment capabilities. CitiConnect can also
be embedded within companies web sites to provide online
payment capabilities.
e-Billing facilitates best practice A/R Management
“e-Billing gives visibility into the financial supply chain,
i n c reasing control over the working capital” says Steve
Monaghan, Vice President for e-Business, Citibank
S i n g a p o re. “Corporate tre a s u rers are now demanding better
f o recasting and predictability over the cash conversion cycle
to optimize their liquidity management.”
In Asia, cash conversion cycles are often pushed out due
to process ineff i c i e n c y. “Even though there are agreed com-
m e rcial terms where goods are exchanged for payment under
c o m m e rcial term of 30 days, often payment is not executed as
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