Mumbai: Citibank on Tuesday launched a cross border payment solution for corporates which eliminates the need for multiple, underlying physical documents for trade payments. With open accounts import payments, customers can now directly share import payment information with the bank, eliminating the need to share multiple documents.
This will benefit importers by replacing physical invoice with system generated invoice and by saving costs on documentation and warehousing. For banks turnaround time will reduce to less than three hours from same day presently.
The bank currently has 3,000 plus active trade customers.
According to Debopama Sen, Treasury and Trade Solutions, Citi South Asia, the intent is to digitize core part of corporate India flows through this launch.