Citigroup wins the best bank award again in 2003 for its outstanding offerings, including its outsourcing platform.
All of the banks’ platforms offer online payment and collection services, real-time access to accounts, the ability to view cash balances and transactions done with other banks, extensive reporting, the ability to export information for integration with clients’ own systems, secure mail for enquiries and cash pool administration.
Since winning this award last year, Citigroup has added new capabilities to its CitiDirect Online Banking platform. A new release of the system in April this year brought the ability to make payments in 11 additional countries and collections in five extra countries. This brings the number of countries where clients can use the system to 90. The number of languages in which the site is available has increased from 19 to 21.
All of the sites viewed also offer netting, but Citigroup’s is the only platform that offers third-party and internal netting on its main platform. Citigroup also offers robust liquidity management, as does SEB.
Citigroup has also added features to its e-Billing system for cash management between businesses since last year. The platform enables corporates to send, receive and dispute invoices online in order to decrease the time between raising an invoice and receiving payment.