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Citi Launches New Service For Institutional Clients to Speed Up Cross-Border Payment Processing Through the Digitalization of Supporting Documents
Citi announced on Monday the launch of a new service for its institutional clients that speeds up the processing of their cross-border payments through the digitization of supporting documents. Citi reported the service, which is being rolled out initially in South Africa, is claimed to streamline and ease the processing of overseas payments by bringing together on a single electronic platform the once-separate submission of cross-border payment instructions and documents associated with them.
Citi also revealed that with the new service, documents can be completed, processed, and tracked digitally via Citi’s CitiDirect BE electronic banking platform. The platform also provides users with upfront details about the documentation and data requirements for different payment types.