Today Syncada, LLC announced that Citi's Global Transaction Services is joining the Syncada from Visa network.
This partnership will provide Citi's clients with a solution for managing accounts payable. Designed to increase efficiency with transparency, flexibility and greater control, this processing and payment capability will be part of Citi's working capital and supply chain management offering.
"The Citi-Syncada partnership is an important part of our strategy to deliver "best-in-class" solutions to our clients. Our award-winning supply chain finance platform and Syncada's market-recognized expertise in this sector adds another dimension to our trade finance and payments products", said Amol Gupte, North America Treasury and Trade Solutions Head of Global Transaction Services at Citi.
"Adding Citi to the Syncada network is significant for us. As one of the world's largest financial institutions, Citi has a well-founded reputation for smartly introducing innovative products and operating as a global bank with an operational presence all over the world. Citi's decision is a validation of our strategy in the financial supply chain market," said Kurt Schneiber, CEO of Syncada. "We look forward to working closely with Citi to enhance the service offering for their customers."
The Syncada Network processes invoices, makes payments, and facilitates the financing of payables through a network of financial institutions. It removes the paper from invoicing and payment processes by converting all invoices into electronic data and routing those invoices through an electronic workflow.
Inefficient manual invoicing and approval processes can extend processing times and increase costs, causing late payments and poor financial visibility—a major pain point for corporate and government clients. In addition, Citi can offer their clients a series of financing programs via Syncada to better manage their cash flows. Clients can finance their receivables to get paid faster or finance their payments to hold on to their cash longer, potentially increasing their days pas payabletheir days pas payables outstanding.
"Citi's global presence complements our Syncada's business strategy to create a global financial supply chain network," said Schneiber. "It is our intent to work with our sponsor banks, including Citi, to enable Syncada Network users the opportunity to grow globally."