Cash Management Systems of Citigroup

Cash Management Systems of Citigroup

Citigroup brings their clients’ Cash Management solutions unrivalled among banks. No one else has the global capabilities and nor provide total solutions tailored to meet clients’ specific requirements. They are highly attuned to the clients’ needs and responsive in their actions. Adopting a partnership approach, their aim is to work with the clients’ as a trusted advisor in a professional relationship based on mutual respect. The premium Cash Management solutions offered by Global Transaction Services provide the answers clients’ need. To stay ahead of the competition, clients’ choice is clear-make the change to Citigroup and start reaping the benefits right away. No one is better positioned than Citigroup to develop effective Cash Management solutions in Bangladesh.

SpeedCollect – Receivables Management Solution

Citigroup’s Receivables Management Solutions use various collection channels to collect clients’ receivables quickly and at reduced cost, delivering their information through a variety of reports using the secure online banking platform.

Citigroup’s SpeedCollect helps clients collect and manage local receivables across Bangladesh in simple and efficient way for better control of Cash flow.

PayLink(R>- Payable Management Solution

Citigroup’s Payables Management solutions improve productivity, security and control across the entire payments processing. Citigroup has the strength and vision to address clients’ payments requirements both now and into the future. PayLink offers a secure, efficient and flexible solution for managing domestic local currency payments. With Citigroup’s comprehensive Payables Management solutions, clients can outsource all non-core payments processes and free up skilled resources to focus on business development.

Citibank leverages its global network and world-class technology to bring in remittances by non-resident Bangladeshis from overseas in a fast and reliable way and delivering the drafts in Bangladesh through dedicated courier network.

Citibank has dedicated remittances professionals and customer service lines to answer queries of customers.

Account Services

Citibank N.A. brings a simple and convenient way to manage clients’ everyday banking needs. The Bank offers them superior MIS facility along with various investment options for their idle balances taking care of their entire daily banking requirement.

Trade

Citibank offers their clients’ a robust operational infrastructure to handle large transaction volumes. The regional and global trade experts forming partnership with the clients deliver the best-tailored trade solutions that facilitate the complex process of cross-border trade transactions.

The bank has an array of products that facilitate import and export transactions and offers customers the unique feature of real-time creation, monitoring and controlling of international commercial transactions through its world-class CitiDirect® Online Banking platform.

Products and services

Letter of Credit – whether an importer or exporter, the bank’s representation in over 100 countries will ensure that Citibank meet customers’ total Letter of credit requirement through opening, negotiating/discounting, advising, confirming, guarantees, reimbursement and foreign exchange services.

Collections- Citibank offers flexible and efficient commercial and financial documents handling for both importers and exporters. It deals in documents against acceptance (DA-lssuance), Documents against payment (DP- sight), direct collection from export and import both fronts.

The Trade Finance service encompasses import financing and export financing. Import financing is available under Citibank New York trade advance program and Citibank Bangladesh import loan facility.

Export financing service include both pre and post-shipment financing of export contract. The negotiating and discounting of export documents is also available within this service.

The Support Services

• Processing platform
• State of the art image based processing
• Single point of contact to ensure ownership in end-to-end processing of transactions
• Service level agreements for delivery of products
• Customized reporting capability on trade products.

CitiService

• One contact point for all trade queries
• Specialized team handling of all customer concerns
• Quick update on status of various submitted transactions
• All calls and queries are tracked systematically

CitiDirect Online Banking

• Transactions can be initiated through web- based platform
• Leading edge security measure
• Enhanced reporting capabilities
• Notification of required action
• Predefined information and template

e-Solutions

The customers can carry out all their banking operations from anywhere around the world with their connectivity to CitiDirect Online Banking of Citibank. It is the banks’ award winning, web-based delivery platform, which is recognized worldwide in over 100 countries. The operation in this platform is flexible, secure and cost-effective with a capability to take care of all clients’ banking needs. CitiDirect Online Banking is a complete package for managing all customers’ cash collection and payment related transactions. It covers the process of payment from beginning-to-end as creation of payment instruction and, authorization of the instruction which reaches Citibank’s end instantly for processing. In today’s world of decentralized operations, this web platform offers the facility of remote authorization from any location. This platform serves all clients reporting needs relating to monitoring their sales collection account transactions. CitiDirect helps clients also for account reconciliation where they get the real time account statement.

The trade service available in this platform offers customers the facility to track their trade documentation and Letter of Credit status in different transaction stages.

• It brings to the clients the unique features of, Customized reporting formats at their request
• Availability of saved reports both in the internet and in their e-mail account
• Consolidated real-time transaction capabilities
• Remote authorization and alert function
• Wide range of import and export related trade services
• Dedicated and experienced implementation manager’s assistance

Agency & Trust

Agency and Trust is an exclusive client service of Citibank N.A. that facilitates various types of complex financing solutions.

This service takes care of cross border or large size deals and provides clients with,

• Controlled counterparty risk
• Experience, superior service and flexibility
• One-stop transaction support for Merger and Acquisition
• Local presence and global debt raising capability
• Flawless execution resultant of wide experience

Human Resource Department

Every little step, each of the employees take on, promotes the graceful values of Citigroup; helps it to move closer to its ultimate goal- to be the most respectful financial services company. Everyone of Citigroup family conceive the thought of 5-point plan to support the franchise and individual as well. Citigroup members are greatly motivated by the virtue of Shared Responsibilities-responsibility to each other, to the clients and also to the franchise. The bank takes pride in the values they live which are actually the bases of the banks’ culture of success.

These values include Integrity, Excellence, Respect, Teamwork, Ownership and Leadership.

Citigroup is one of the industry’s most powerful platforms for financial products and services. Credit regarding it goes to their ability to attract some of the most talented people in any industry. Citigroup provides its employees with the chance to develop an exciting and widespread career in one of the world’s leading organizations. The bank believes in employee ownership offers a unique chance to experience entrepreneurialism on a global scale, and a worldwide association enables the employees to work with and learn from a diverse group of personnel whose insight, integrity, and commitment set the standard for accomplishment in the industry.

Human Resource Department of Citibank, N.A. Bangladesh endeavors to ensure growth by providing a work environment where diversity is embraced, where people are promoted on their merits, and where people treat each other with mutual esteem and dignity. Aligned with the global effort, the bank is committed to being a company where the best people work; where opportunities to develop are widely available; where innovation and an entrepreneurial spirit are valued.

Training programs for nurturing task proficiency and leadership valor of Citigroup mark another milestone in the development of talent. As highlighted by the Shared Responsibilities, providing opportunities for employees to realize their potential is an area of high priority.

To support a colossal revenue targets, HR division is equipped with some short term and long term strategies in terms of manpower planning, recruitment, employee retention, training and development and ensuring congenial working atmosphere to exert highest possible productivity.

CitiService®, Bangladesh

CitiService is an integrated customer inquiry unit dedicated to giving clients’ easy access to accurate answers in the shortest possible time. Presently they are responsible for all after sales queries received from it’s FI, Corporate, Trade & Cash-management clients and also manages a part of service-delivery.

At ’’CitiService” it has been a constant endeavor to provide value-added service to the esteemed customers. The bank’s team of service oriented personnel and well-defined processes are geared towards providing their clientele speedy and accurate query resolution. They are conscious of the importance of timely delivery of information to their customers. After it was established in 2002 to till to-date CitiService has been covered wide range of area and become a wellknown unit to all its FI/Corporate clients and as well as to its internal customers.

Building a strong relationship with the all overseas branches and regional/global escalation points for resolving any service related issue.

Services at Citibank N.A. Bangladesh

Corporate Banking

Corporate Banking group provides a comprehensive range of financial services including treasury management, transaction services, securities custodianship, foreign exchange, and corporate finance to corporate clients.

Their expertise involves offering innovative and customized solutions to business and institutions, both foreign and local, by harnessing on their global capabilities to bring about world’s best practices for local capacity building.

The corporate bank offers a one-stop solution combining lending & advisory services, treasury, cash management, and structured finance, to meet the specialized requirements of the customers. They are strongly supported by our international presence and interconnectivity in over 100 countries.

Every customer at Citibank Bangladesh has an individual Relationship Manager who is responsible for both the day-to-day management of customers’ account and their future corporate needs.

Products & Services

Overdraft and Short-Term Loan Product

Short-term funding through (a) overdraft (credit facility that enables customers to meet any temporary deficits) and (b) short-term loan (a loan granted for an agreed period of time). These funding methods can be used to finance business specific needs such as working capital.

Trade Services

The bank cover the entire spectrum of trade services for both imports and exports.

• Imports
• Letter of Credit
• Issuance of Shipping Guarantees
• Customer Liability Acceptance
• Endorsing of Copy Documents
• Exports
• Bills Negotiation
• Bills Discounting
• Export Collections
• Export Financing
• Issuance of Guarantees
• Issuance of bid and performance bonds.
• Ready-Made Garments Exporters Finance

The Vendor Marketing Program (VMP) offers trade services and financing to qualified vendors who export to reputed international buyers. Main product offerings are short-term trade related facilities for pre-export and post-export financing required by vendors for achieving efficiencies in their trade flow cycle.

In order to qualify for participation, vendors must be an exporter of garments to reputed international buyers in USA, Europe and Asian regions subject to Citibank Bangladesh’s acceptance criteria.

Structured Finance

Structured finance deals with specific areas like Export & Agency Finance (EAF), Infrastructure & Energy Finance (IEF), Syndication etc. by combining world-class investment banking and commercial banking services. Drawing on its global expertise, Citibank offers to its customers a full range of customized financial solutions.

• Product and Services
• Credit Structures Enhanced by Export Credit Agencies
• Commercial Paper or Fixed Income Securities

– Syndicated Loans

• Project Finance

Financial Institutions

In today’s competitive environment financial institutions are striving to be ahead by offering superior and efficient products and services. At Citibank Bangladesh, the bank understand customers’ needs and offer a range of correspondent banking services, which will help them to stay ahead of the competition.

In Bangladesh, Citibank N.A. has three full service branches catering to the needs of FI customers – two in Dhaka, the capital city, and the other in Chittagong, the port city of Bangladesh. The bank’s team’s main objective is to liaise with the FI customers and overseas Citibank counterparts to offer seamless service. The bank’s back office handles pre-processing of FI payment instructions and reimbursement authorities and provides one stop customer inquiry handling services. They also confirm LCs for FI s that has credit lines with the bank.

Product and Services

■ US Dollar Demand Deposit Account with Citibank NY

– Euro accounts with Citibank London/ Frankfurt

■ US Dollar Electronic Funds Transfers

■ Sweep and Investment Services or Products

■ Daily Account Statements

■ Customer Inquiry handling

■ Letters of credit advising / confirming

■ Reimbursement Authority Processing

■ Electronic banking (CITIDIRECT)

Sales & Trading

As a part of the world’s premier financial solutions provider Citigroup, Citibank N.A.’s Sales and Trading desk also strives to offer the world’s best treasury products to its customers at the most professional and competitive manner. As an acknowledgement of the banks’ continued dedication to serve the customers the very best, the bank have been ranked number one treasury bank by many international journals time and again.

Keeping in tune with the international reputation, Citibank N.A., Bangladesh has also gained the confidence and respect of the customers it serves. The bank offers niche products to cater to the specific and sensitive requirements of the valued customers. They strive to lead changes with the maturity of local markets, bringing in the world-renowned, sophisticated products and services at the earliest instance of any scope being available to do so. Presently the bank offers their customers the following treasury products:

Product and Services

• Foreign Exchange
• Ready and Spot
• Forward
• Currency Swaps
• Money Market & Fixed Income
• Overnight Deposits
• Term Deposits
• Discounted Securities
• Repo/Reverse Repo
• Purchase/ Sale of T Bills & Bonds in secondary Market

Conclusion:

Moreover they are operating in the Bangladeshi market for a long period of time with huge success. They have been the pioneer in introducing many new products than any other banks in Bangladesh. Though being the world’s leading financial institution, Citibank, N.A. Bangladesh is also lacking behind mainly because of the lack of consumer banking in Bangladesh. People are more aware about the slogans and logo of Standard Chartered Bank than any other bank.

Most of them believe that reputation, financial stability, reasonable charges, service attitude of employees, technology adoption, global service network and new product innovation are the main reasons behind selecting any multinational bank in Bangladesh. They also consider that the multinational banks they are using are sufficiently providing these facilities in order to provide the best possible services.