Cash concentration solution that automates FX conversion now available in an additional 14 European countries
London: Citi has today announced the expansion of its Cross-Currency Sweeps cash management solution across several European markets.
The solution, Citi Cross-Currency Sweeps, enables treasurers and finance teams to efficiently manage cash positions across multiple accounts, countries, and currencies, using one streamlined and automated solution.
Leveraging Citi’s global cash concentration network and foreign exchange (FX) capabilities, it helps companies manage FX and cash positions and immediately convert available liquidity into the currency of their choice.
The solution is now available in an additional 14 countries across Europe including Bulgaria, Hungary, Czechia, Slovakia, Netherlands, Ireland, Germany, Sweden, Norway, Belgium, France, Spain, Portugal, and Austria.
“Our corporate clients are increasingly moving through a Digital Transformation journey for their Treasury and FX Risk Management,” says Sam Hewson, Global Head of eFX Solutions and EMEA Head of Corporate Sales. “As technology has evolved, we are helping our clients to automate processes, using efficient, integrated and seamless strategies to provide transparent liquidity and FX activities. Citi Cross-Currency Sweeps brings together the power of our liquidity and FX technologies to help our clients automate their day-to-day activities, so that they can stay focused on creating smart treasuries of the future, today.”
The tool addresses a wide range of cash management needs, making it easier for companies to fund accounts when and where balances are needed and to achieve optimized liquidity across their global banking structure.
Enabling the automation of FX dealings in a variety of major and exotic currency pairs, Citi Cross-Currency Sweeps allows treasurers to move funds seamlessly across the Citi network. Accounts in local currencies do not need to be pre-funded and companies can seek to realize same-day settlement of funds in the desired currency, on an intraday basis.
“Citi Cross-Currency Sweeps provides significant potential to enhance the way treasurers manage liquidity,” says Stephen Randall, Global Head of Liquidity Management Services, Citi Treasury and Trade Solutions. “Managing liquidity in multiple currencies is often a manual process, with significant time taken up by forecasting, FX management and the movement of cash between accounts. Process inefficiencies can lead to excess cash buffers and operational challenges. This solution automates and streamlines multiple steps into one, helping clients optimize both efficiency and liquidity.”
Munir Nanji, Citi’s Cluster Head for Central Europe added: “Enabling growth and contributing to our client’s success is our biggest motivating force. I am immensely proud that by expanding the Cross-Currency Sweeps cash management solution to 4 of our Central-European markets as well, we will be able to create even more value to our clients. We are committed to go forward and continue innovating in the field of digital financial services to support our clients on their transformation journey.
Citi, the leading global bank, 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.
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Belinda Marks Belinda.marks [at] citi.com