Citi's new platform aids Latin America supply chain
The Latin American supply chain is getting a boost this week.
Citi announced the launch of a new web-based supply chain platform for 14 countries in Latin America. The fourteen countries include Brazil, Mexico, Peru, Argentina, Colombia, Panama, Puerto Rico, Dominican Republic, Costa Rica, El Salvador, Guatemala, Honduras, Jamaica and Trinidad.
“Citi is proud to be able to offer this solution to our clients in Latin America and across the globe,” the company said in a statement.
Citi’s pioneer Supply Chain Finance Vision is a web-based platform for discounting, tracking and reporting receivables and facilitates communication between buyers and sellers. Supply Chain Finance Vision is a complementary solution to Citi’s Supplier Finance and the overall suite of supply chain finance solutions that Citi offers.
The system features multi-location, multi-lingual, and multi-currency functionality, and can link directly to companies’ ERP systems to automate file processing and reduce input errors. It provides strong benefits for buyers and suppliers, offering to suppliers an attractive tool to accelerate the liquidity of receivables at competitive rates with no need to increase their debt.
It also allows buyers to better manage days payables outstanding (DPO) and suppliers the ability to manage their Days Sales Outstanding (DSO). Today, Citi in Latin America works with over 120 buyers and 4,000 suppliers to accelerate their working capital strategies.
Citi’s working capital and supply chain management solutions allow companies to manage risks and optimize cash flows, thereby improving financial flexibility, increasing supply chain liquidity, and reducing trade-flow risk.
“We are committed to delivering innovative and specialized solutions in supply chain and working capital management to our clients,” Francisco Aristeguieta, Global Transaction Services Latin America and Mexico Region Head said. “Far more than a means of low-cost financing, our unique and recently launched regional web-based supply chain finance solutions offer tremendous value during any economic cycle.”
With a market-leading network spanning the globe, Citi provides in-country trade and supplier financing expertise in 80 countries. More than 2,000 trade professionals, plus 1,500 relationship management and sales staff serve more than 15,000 trade customers.
Citi’s trade experts and six regional processing centers offer around-the-clock operations support and deliver supply chain solutions to suppliers, buyers and financial institutions.
“Regulatory changes and tightening credit continue to challenge economies around the world, keeping supply chain finance and working capital management as a focal point for companies of all sizes,” John Ahearn, Global Head of Trade in Citi’s Global Transaction Services unit said. “Citi is proud to be able to offer this solution to our clients in Latin America and across the globe.”
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world.
With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.
Edited by Kevin Scarpati