Citi’s Global Transaction Services unit will use Ariba offerings to deliver enhanced invoice and payment solutions to its clients worldwide.
Citi will integrate Ariba Invoice and Payment with its own electronic payment and supplier finance offerings to enable end-to-end financial supply chain management for its clients. Citi is the first financial services company to agree to private label Ariba’s spend management solutions to create additional value for customers.
“Citi has a long history of driving innovation to meet the unique and evolving needs of our clients,” said Julie Monaco, Regional Head, North America, Global Transaction Services, Citi. “Leveraging Ariba’s invoice and payment solutions in combination with our own industry-leading offerings, we can bring to market an integrated solution that enables clients to unlock the full potential of working capital efficiencies and realize cost reductions across the organization.”
Citi, a leader in procurement card solutions, will integrate its electronic payment solutions, including a recently launched buyer-initiated purchase card, seamlessly with Ariba’s invoice and payment offerings. Additionally, Citi will establish connectivity to its market leading supplier finance services. These enhancements will enable Citi clients to:
* Reduce invoice processing cost and cycle time
* Perform electronic settlement via ACH and Purchasing Card
* Transition suppliers from paper to electronic payments
* Access working capital efficiencies through Ariba’s dynamic discount solutions and Citi’s supplier finance platform
* Increase visibility into A/P spend through enhanced analytics reporting
Delivered on-demand via the Ariba Supplier Network, Ariba Invoice and Payment provides robust invoice routing, reconciliation and payment processing for buyers while also giving suppliers real-time visibility into the buyer’s invoice and payment approval process. Using the solution, companies can capture 100 percent of their supplier invoices electronically, and eliminate the paper invoices that clog accounts payable organizations by delivering them to the web browsers of accounts payable personnel. With more than 160,000 registered suppliers in 115 countries engaging in transactions worth more than $100 billion a year, the Ariba Supplier Network is one of world’s largest open business transaction networks. Leveraging the network, companies can automate interactions with key trading partners to achieve efficiency and accuracy throughout the procure-to-pay cycle.
“Citi is a recognized leader in delivering innovative treasury and cash management solutions that enable companies to effectively manage their financial supply chains on a global basis,” said Bob Solomon, Senior Vice President and General Manager, Ariba Supplier Network. “By integrating our invoice and payment offerings, Citi can enhance these solutions and accelerate the results that its clients achieve.”