US bank Citi has been busy in launching new solutions for simplifying the data management process and unearthing new solutions with emerging technologies.
Recently launching the Citi Digital Bill (CBD), the new integrated digital bill aims to significantly reduce the friction of data management and transferring by eliminating physical documents across multiple different regions, for both buyers and sellers.
For sellers, the CBD seeks to provide an accelerated and transparent process of managing receivables, reducing the time for monetising these from a week to less than an hour.
For buyers, the solution enables more visibility to the status of invoice approvals and access to digital bills at any time. The CBD also helps lead better tracking and management of transactions, connecting buyers with key banks and making it easier for clients to transition to the new system with minimal disruptions.
Initially rolled out for Citi clients in the US, the UK and Ireland, the bank has plans to expand the CBD to more additional countries throughout the end of 2024.
Sanjeev Ganjoo, Global Head of Trade Receivable Finance at Citi Services, said: “The launch of Citi Digital Bill is a significant advancement in trade finance, marking a groundbreaking shift away from long standing paper and the wet ink-based practice of discounting bills.
“Citi Digital Bill is a testimony to our digital-first approach to enhancing trade finance solutions. By effectively leveraging the power of technology, we continue to create substantial value for our clients through increased speed and transparency.”
Elsewhere for Citi, the US bank has signed a multi-year partnership with Google Cloud to integrate its Vertex AI platform to modify its technology infrastructure.
Citi will look to implement several workloads and applications to Google Cloud to help unlock new digital products, high-performing computing and analytics platforms, as well as streamlining workflows.
Tim Ryan, Head of Technology and Business Enablement at Citi, commented: “Leveraging Google Cloud opens up a whole new frontier for us in how we can run applications with faster and more comprehensive outputs, and provide our colleagues with the tools they need to deliver for our clients.”
Citi will also tap into Vertex AI to explore generative AI for the digitisation of its infrastructure and document processing, something that could help further fuel the CBD’s future.
