Citi Launches Procure-to-pay in EMEA
Citi’s Global Transaction Services (GTS) has launched its procure-to-pay (P2P) solution in Europe, Middle East and Africa (EMEA). Focusing on optimising supplier payments, Citi’s P2P solution combines Citi’s capabilities across payments, supplier finance and commercial cards to offer clients a holistic payments solution.
Initially focusing on optimising the transaction side of the P2P cycle, the launch of this solution is part of Citi’s long-term strategy to support clients’ goals of improving efficiency and enhancing working capital with innovative new solutions. Corporate clients are facing a more challenging environment in which to pay their suppliers, where processing efficiency has to be balanced with the goals of enhancing working capital and ensuring supply chain stability.
As a result, more and more clients are demanding an integrated, intelligent solution that can help them balance these goals. Citi’s P2Psolution helps meet this need by integrating a range of payment tools with electronic invoicing capabilities, underpinned by advanced analytics and a consultative approach to help clients find the optimum payment mechanism for each supplier. The result is a ‘one-stop shop’ of payment solutions for Citi’s clients.
“As clients migrate more functions into their shared service centres, they are requesting integrated solutions that span a wider range of business processes such as supplier management, accounts payable and procurement,” said Rajesh Mehta, head of treasury and trade solutions for EMEA, Citi. “At the same time, corporates are realising that they also need to support their key suppliers in order to ensure an uninterrupted supply flow. Our procure-to-pay launch is the first step in a strategy to provide a wholly integrated solution, facilitating consolidation of a wide range of supplier management and payment processes.”