Citi Launches New Payroll Payment Solutions

NEW YORK & LONDON--(BUSINESS WIRE)--Citi is launching a suite of payroll payment solutions to further bolster its global payment capabilities. The new offering will enable clients to standardize, centralize and automate their payroll payments, which makes it possible to reduce overhead costs, increase payment control and achieve higher straight-through processing rates. Clients can access the payroll payment solutions through a range of market-standard and proprietary channels.

“Payroll is an area that has traditionally been handled in a fragmented, decentralised manner”

The launch underscores Citi’s commitment to providing innovative and market-leading propositions for shared services centers and is another step in Citi’s long-term strategy to support our clients’ goal of improving efficiency by standardizing processes.

“Payroll is an area that has traditionally been handled in a fragmented, decentralised manner” says Karin Flinspach, EMEA Head of Payments and Receivables, Citi Transaction Services. “We are seeing an increasing trend for companies to rationalise the number of payroll processes, providers and systems to yield significant cost savings, visibility and control in HR - an area many corporations view as their largest and most critical cost centre. Citi’s new service provides our clients with the opportunity to streamline and standardise their payroll payment processing, thereby allowing them to achieve greater efficiency.”

“Through Citi’s unique breadth of proprietary solutions and global network, we are able to offer a flexible multi-country payroll payment offering which is locally relevant,” says Ebru Pakcan, Global Head of Payments, Citi Transaction Services. “This new offering demonstrates our commitment to providing holistic solutions supporting our clients’ full range of payment flows and cash management needs.”

Citi Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Transaction Services supports over 65,000 clients. As of the second quarter of 2012, it held on average $396 billion in liability balances and over $12 trillion in assets under custody.

About Citi

Citi, the leading global financial services company, 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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