Citi has announced the full launch of Citi Consolidate, a digital tool powered by Infor Nexus that automates invoice processing for buyers and accelerates access to financing for suppliers.
The New York-headquartered lender said the solution digitises and automates buyers’ invoice approval, purchase order and payables processes, while also improving cash flow visibility through a repository of trade-related data.
For suppliers, Citi said faster invoice approval helps them access financing earlier and broadens the range of solutions available, including purchase order and deep-tier financing as well as dynamic discounting.
The bank announced today that Citi Consolidate is now available to clients in the US and Canada, following pilots with existing customers, a spokesperson said. Citi said it plans to expand access to clients in other countries this year.
The solution was developed with Infor Nexus, a supply chain business network that connects buyers, suppliers, brokers and banks, which operates as a business unit of US multinational Infor.
Citi added it has recently started acting as a financing service provider to Infor Nexus clients in the US, meaning those users “will no longer have to juggle multiple platforms”.
“This new capability will help our clients realise their goal of eliminating paper processes, while also optimising their working capital,” said Adoniro Cestari, Citi’s global head of trade and working capital solutions.
“At the same time, it will provide accessible and actionable data that our clients can use to help manage their businesses more efficiently.”
Gary Schneider, vice-president, financial services at Infor, added that Citi’s advisory services and global network will combine with Infor Nexus’s data management tools to harmonise invoice processes, improve cash flow visibility and optimise cash flow.
“Together, we will digitally transform an organisation’s financial supply chain,” he said.
