Citi is expanding its Payment Exchange service into Canada, following up on what it called a successful U.S. launch in 2012.
Citi’s product allows clients to migrate from paper-based payment instruments to electronic payments, differentiating from existing bank offerings in Canada.
“U.S. clients who use Citi Payment Exchange have seen extremely positive results and, with many of our [Treasury and Trade Solutions] Canada clients operating cross-border, this expansion was a logical next step,” said Michael Fossaceca, North America region head for Citi Treasury and Trade Solutions, in an Oct. 19 news release. “Citi Payment Exchange will help our current and prospective Canadian clients increase efficiency and reduce costs, while improving visibility and insight into payments costs.”
Citi customers can use Citi Payment Exchange to manage payments to suppliers and third parties. The service can help maintain payee payment preferences, bank account details and other information. It can also help increase visibility and control for suppliers and other payees and convert the payments into relationship-building tools.