Citi Consolidate, announced Tuesday (July 28), was created for buyers and their suppliers and is designed to streamlines and digitizes invoice approval, purchase orders and payables for customers using Infor Nexus, Infor’s supply chain business network.
“Historically, invoice creation, reconciliation and payment approvals were fragmented manual processes and could take weeks, leaving buyers without access to critical data and suppliers unable to access needed financing to support their operations,” Citi said in a news release. “The new Citi Consolidate solution will help Citi’s corporate clients enhance straight-through processing, minimize invoice approval time, and accelerate access to working capital.”
For buyers, Citi Consolidate provides benefits like a one-stop access to data and enhanced visibility into cash flow. For suppliers, the situation helps with things like providing earlier access to financing, and offering more visibility into the status of their invoice approvals and payments.
“Infor has been bridging physical and financial supply chains for two decades and is excited to work with Citi, a global leader in trade, to further automate customers’ trade flows across industry verticals,” said Gary Schneider, vice president of financial services at Infor. “Infor Nexus’ network capability will help drive data management, leading to harmonized invoice processes and improved cash flow visibility, while Citi’s global network and advisory services optimize the use of capital across a company’s supply chain. Together, we will digitally transform an organization’s financial supply chain.”
The new offering comes as middle market companies find themselves underserved when seeking working capital, according to recent PYMNTS Intelligence research.
The data shows that working capital is no longer just about covering short-term gaps, as companies increasingly employ it as a strategic tool to increase revenue, bolster supplier relationships and enhance operational resilience.
“Companies using external working capital solutions report measurable bottom-line benefits, often adding several percentage points to annual revenue,” PYMNTS wrote. “At the same time, inefficient processes such as chasing late payments continue to erode margins.”
Meanwhile, Citi recently reported earnings that showed growth in its services division, with the bank “benefiting from an increase in the amount of financial coordination required to operate an international company,” as covered here earlier this month.
Global commerce is not just growing or shrinking, but becoming tougher to organize as companies shift suppliers, duplicate production capacity and redirect trade.
“The commercial opportunity is not just processing more payments. It is managing the complexity surrounding them,” PYMNTS wrote.
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