Citi Unifies Its Digital Payments Service and Electronic Bill Presentment Platform


Citi integrates its digital payments service into its electronic bill presentment platform, helping institutional billers to address the various pain points associated with accepting digital payments.

Spring by Citi, the bank’s digital payments service enabling e-commerce and B2B funds flows, has completed a full integration into Citi Present and Pay, its electronic bill presentment platform.

The combination of these two services brings digital payment acceptance and electronic bill presentment under the remit of one unified platform.

The bank’s institutional clients will now be able to collect and process US payment methods in tandem with being able to provide digital billing capabilities.

A process that has previously been dependent on the involvement of external third parties, payment methods are now supported through one single contracting structure with Citi.

Anupam Sinha, North America payments and receivables head, Citi treasury and trade solutions

Recognising the complexities companies incur in offering their customers a fully digital billing experience, Anupam Sinha, North America payments and receivables head for Citi treasury and trade solutions, explains that migrating away from manual, time-intensive paper-based processes can be very expensive.

“This new combined solution gives our clients an easier way to digitise their invoice presentment and payment processes, providing additional payment options to their customers,” comments Sinha.

The solution will help Citi’s clients to offer a wider range of payment options for their customers, including credit and debit cards, automated clearing house (ACH) direct debit and real-time requests for payment, and alternative payment methods such as digital wallets.

Likewise, its clients’ customers will benefit from the ability to receive and pay their bills via a variety of methods, including web, mobile, email, SMS and voice (automated IVR and live customer service).

The solution validates the payee’s bank account details in real-time to help ensure compliance with NACHA related to ACH direct debits without an additional integration with another third party.

“We are always looking for ways to make it easier for our clients to use our solutions and we are constantly innovating to help reduce friction for them,” continued Sinha.

“The integration of Spring by Citi with Citi Present and Pay is one of several initiatives targeted at helping institutional billers address pain points associated with accepting digital payments.”



Image and article originally from thefintechtimes.com. Read the original article here.