Awards for Excellence 2019
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Continued investment in people, technology and partnerships to consolidate the bank’s cash and trade networks in sub-Saharan Africa make Citi Africa’s best bank for transaction services for the third year in a row under Peter Crawley, its treasury and trade solutions head, based in Johannesburg.
Over the last year, Citi has developed digital solutions to support its clients’ transaction banking needs in collaboration with a number of partners, making the bank a leader in tech and artificial intelligence in cash and trade finance across the continent.
For example, the bank partnered with High Radius, a company specializing in cloud-based integrated receivables, using the company’s AI and machine-learning technology to launch Citi Smart Match. The product increases efficiency and automation of the cash application process of matching open invoices to payments received for clients in Africa.
The bank has also launched Citi Payment Insights across Africa. Citi Payment Insights provides real-time payments visibility, including processing status, charges deducted across correspondent banks, the amount credited to the beneficiary and the ability to action payments on demand.
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Peter Crawley |
Citi Payment Outlier Detection is a new payment review tool developed over the last 12 months that uses advanced analytics and new technologies, including machine learning and big data, to proactively identify outlier payments. CPOD gives clients the ability to review, approve and/or reject transactions before they are processed for payment.
Digital developments span trade as well as cash. The bank’s new electronic trade loans system allows African clients to access products electronically on a secure, one-stop portal.
Combined with the bank’s new Open Account offering, buyers and suppliers can have greater visibility throughout the procure-to-pay process online, while taking advantage of opportunities for early payment to suppliers.
Citi has collaborated with a number of institutions to deepen intra-regional trade – essential for the future growth and development in the continent. For example, the IFC and Citi recently signed a $1.2 billion risk-sharing facility to help stimulate the growth of trade in emerging markets – including Africa – to support economic development.
