|
The Latin American market is seeing a wave of change as banks withdraw or offload their businesses. In the transaction banking business, this is giving the remaining banks scope to reconsider their positions. Citi has decided to redouble its efforts in the region and the result is that Citi wins the award for the region’s best bank for transaction services.
Citi has taken a strategic approach to create greater alignment between payments and FX. Citi WorldLink launched a Brazilian real payment platform that enables local currencies to be paid directly into Brazil using straight-through processing. It has allowed the bank to reduce the reconciliation times on payments to and from over 120 currencies.
|
Responding to the difficult tax climate across the continent, Citi launched the Tax Presentment solution through its CitiDirect BE and CitiConnect for Files platforms. It has been adopted by 150 clients and now sees $119 million processed each month. The bank has also worked to address specific country needs. Last year saw the bank’s Global Concentration Engine expanded for use in Puerto Rico, giving far greater flexibility to liquidity management.