Citi Announces Major Expansion of Citi Cross Currency Sweep Market
LONDON–(COMMERCIAL THREAD) – Citi today announced the expansion of its Cross-Currency Sweeps cash management solution to 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 a streamlined and automated solution.
Leveraging Citi’s global network of liquidity concentration and foreign exchange (FX) capabilities, it helps companies manage foreign exchange and liquidity positions and immediately convert available liquidity into the currency of their choice.
The solution is now available in 14 additional countries across Europe, including Bulgaria, Hungary, Czechia, Slovakia, Netherlands, Ireland, Germany, Sweden, Norway, Belgium, France, Spain, Portugal and Austria.
“Our client companies are increasingly embarking on a digital transformation journey for their cash flow and currency risk management”, says Sam Hewson, Global Head of eFX Solutions and Head of EMEA Enterprise Sales. âAs technology has evolved, we help our clients automate processes, using efficient, integrated and transparent strategies to provide transparent liquidity and foreign exchange activities. Citi Cross-Currency Sweeps brings together the power of our liquidity and foreign exchange technologies to help our clients automate their day-to-day operations, so they can stay focused on creating the smart cash flow of the future, today.
The tool addresses a wide range of cash management needs, making it easier for businesses to fund their accounts when and where balances are needed and achieve optimized liquidity across their global banking structure.
Enabling the automation of foreign exchange transactions in a variety of major and exotic currency pairs, Citi Cross-Currency Sweeps allows treasurers to move funds seamlessly across the Citi network. Local currency accounts do not need to be pre-funded, and businesses may seek same-day settlement of funds in the desired currency, on an intra-day basis.
âCiti Cross-Currency Sweeps offers significant potential to improve the way treasurers manage cash,â says Stephen Randall, Global Head of Liquidity Management Services, Citi Treasury and Trade Solutions. âManaging liquidity in multiple currencies is often a manual process, with considerable time taken up with forecasting, currency management and moving cash between accounts. Process inefficiencies can lead to excessive cash reserves and operational challenges. This solution automates and streamlines multiple steps into one, helping clients optimize both efficiency and liquidity.. ”
Citi, the world’s largest bank, has approximately 200 million accounts receivable and operates in more than 160 countries and jurisdictions. Citi provides consumers, businesses, governments and institutions with a wide range of financial products and services, including consumer banking and credit, business and investment banking, securities brokerage, wealth management and transaction services.
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