Citi pioneers unique cash management solutions for Aitken Spence

Citi’s Global Transaction Services has announced that it has expanded its cash management offering to one of Sri Lanka’s largest conglomerates, Aitken Spence PLC. The new mandate will see Citi provide Aitken Spence with its File Xchange service, the only fully implemented payment processing solution of its type in the Sri Lankan market.  

Citi’s File Xchange service will provide Aitken Spence with an automated Enterprise Resource Planning (ERP) integration service, allowing the company to significantly enhance its payment processing and create greater operating efficiencies. The solution will also ensure timely payment processing and reduce Aitken Spence’s dependence on manually initiated processes.  

“The expansion of our mandate with Aitken Spence demonstrates both our dedication to technological innovation and our commitment to offering our clients the highest level of service and partnership,” said Sridhar Kanthadai, Regional Head, Asia Pacific, Treasury and Trade Solutions, Citi. “It confirms Citi’s ability to help clients increase the efficiency of their payment processes through our cash management services.”

Dilshan Seneviratne, Country Head, Global Transaction Services, Citi said: “We are very pleased to have pioneered this implementation with Aitken Spence. We continually strive to deliver customised solutions and high level of service to our customers and look forward to working closely with Aitken Spence by adding further value to their processes.”

Vipula Gunatilleka, Chief Corporate Officer Aitken Spence noted that “Citi has provided us with an unique, innovative solution to better integrate our ERP system to Citi’s banking system to facilitate the automation of our financial shared services function. Their commitment to launching new capabilities and dedication to client service is exceptional. We are very proud of this implementation and our valued partnership.”

Citi’s File Xchange service was developed to provide clients in shared service centres and finance departments with an automated solution for payment processing and account reconciliation.  It is a single secure delivery channel for payments and reconciliation, supporting all payment needs, including global connectivity and standardised payments.  It allows for automated processing of large and small volume payments, statement delivery, reconciliation and the tracking of files from receipt through to payment execution.

Citi’s 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 organisations around the world.  With a network that spans more than 100 countries, Citi’s Global Transaction Services supports over 65,000 clients.

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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 organisations 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.