Citigroup, Inc. (NYSE:C) launched Citi Digital Bill (CDB), which is a modernized digital bill discounting solution that streamlines a historically paper-intensive process.
CDB removes the need for physical documents, couriers, and the manual handling of paper across various locations.
For sellers, this provides a quicker, more transparent receivables management process, reducing the time to monetize receivables from a week to under an hour.
CDB is a paperless solution within CitiDirect, replacing traditional Bills of Exchange by allowing digital signing, endorsement, and financing of receivables.
This innovation reduces delays and manual handling, accelerating receivables monetization and enhancing transaction transparency for all parties involved.
CDB offers buyers real-time visibility into invoice approvals and access to digital bills, improving transaction tracking and management.
It also connects buyers with key banks for efficient risk matching and a smooth transition. The solution is currently available to clients in the U.S., U.K., and Ireland. CDB is set to expand to more countries in 2024, pending approvals.
Sanjeev Ganjoo, Global Head of Trade Receivable Finance, at Citi Services, said, "The launch of Citi Digital Bill is a significant advancement in trade finance, marking a groundbreaking shift away from longstanding paper and the wet ink-based practice of discounting bills."
"Citi Digital Bill is a testimony to our digital-first approach to enhancing trade finance solutions. By effectively leveraging the power of technology, we continue to create substantial value for our clients through increased speed and transparency."
In October, Citigroup reported third-quarter results, with revenue growing 1% YoY to $20.32 billion, beating estimates, with EPS of $1.51 exceeding the expected consensus of $1.31.
Investors can gain exposure to the stock via First Trust Nasdaq Bank ETF (NASDAQ:FTXO) and Investment Managers Series Trust III FPA Global Equity ETF (BATS:FPAG).
Price Action: C shares are up 0.63% at $62.15 premarket at the last check Monday.
Photo via Shutterstock
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