Citi Launches Digitized Documentation for Cross-Border Payments
Citi has announced 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. The service, which is being rolled out initially in South Africa, significantly streamlines and eases 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.
When companies initiate cross-border payments they must submit supporting documents to their banks to meet various FX control and regulatory reporting requirements. Until now, these documents were received and processed separate from corresponding payment instructions, requiring manual interventions to link them.