Citi launches virtual account for institutional clients
Written by Hannah McGrath
Citi has launched a virtual account allowing institutional clients to segregate out their balances in a single physical account.
The lender says the new virtual accounts use proprietary technology to offer corporate treasury clients enhanced visibility, control and efficiencies of treasury functions through centralised payments, receivables and liquidity management.
Clients can individually view transaction activity, manage online banking entitlements and generate virtual account statements.
The lender is also hoping to help clients adapt their capabilities to meet emerging client segments including digital marketplaces and the sharing economy.
The digital account offering has been devised in-house and has already been rolled out to 16 markets and 37 currencies across Western Europe, with the US and Asia to follow.
Manish Kohli, global head of payments and receivables, treasury and trade solutions, said: “Citi’s virtual account solution is a strategic enabler for corporate treasuries of both our traditional and digital clients, providing a platform for benefits such as bank account rationalization and automated reconciliation.”
Mark Smith, global head of liquidity management services, treasury and trade solutions, Citi added: “With a centralized view of real-time cash positions, corporate treasuries can optimize liquidity management and make more informed funding decisions.”