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Citi is launching a suite of payroll payment solutions to further bolster its global payment capabilities. The new offering will enable clients to standardize, centralize and automate their payroll payments, which makes it possible to reduce overhead costs, increase payment control and achieve higher straight-through processing rates. Clients can access the payroll payment solutions through a range of market-standard and proprietary channels.
The launch underscores Citi’s commitment to providing innovative and market-leading propositions for shared services centers and is another step in Citi’s long-term strategy to support our clients’ goal of improving efficiency by standardizing processes.
“Payroll is an area that has traditionally been handled in a fragmented, decentralised manner” says Karin Flinspach, EMEA Head of Payments and Receivables, Citi Transaction Services. “We are seeing an increasing trend for companies to rationalise the number of payroll processes, providers and systems to yield significant cost savings, visibility and control in HR - an area many corporations view as their largest and most critical cost centre. Citi’s new service provides our clients with the opportunity to streamline and standardise their payroll payment processing, thereby allowing them to achieve greater efficiency.”
“Through Citi’s unique breadth of proprietary solutions and global network, we are able to offer a flexible multi-country payroll payment offering which is locally relevant,” says Ebru Pakcan, Global Head of Payments, Citi Transaction Services. “This new offering demonstrates our commitment to providing holistic solutions supporting our clients’ full range of payment flows and cash management needs.”
Citi 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 95 countries, Transaction Services supports over 65,000 clients. As of the second quarter of 2012, it held on average $396 billion in liability balances and over $12 trillion in assets under custody.
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