Citi has launched a first-of-its-kind B2B payments venture in the Asia-Pacific region, according to reports published Wednesday (Dec. 9).
The bank is partnering with Visa and digital payments firm Invapay to introduce a commercial card program in Australia, built specifically for one of its clients, building materials supplier Hanson Australia. The companies said Citi is introducing a new payments system to make it easier for suppliers to get paid by accepting commercial cards.
[bctt tweet=”Citi is introducing a new payments system to make it easier for suppliers to get paid.”]
Together, Visa will provide card services, Invapay will provide its payments technology and Citi will use these tools to help corporate clients extend their payment terms, while making it easier for suppliers to get paid, reports said.
Invapay has made similar partnerships in the past. Earlier this year the company linked with Barclays in the United Arab Emirates for the same reason. For both the Barclays and Citi partnerships, Invapay CEO Sid Vasili released the same statement, noting that procurement officials and corporate finance professionals struggle with their working capital because of legacy systems in the market.
Separately, Citi Head of Treasury and Transaction Services for Australia and New Zealand Scott Southall said the partnership with Invapay is a push to help businesses in the area more adequately manage their finances.
“This mandate reflects Citi’s commitment to innovation in digital payments and working capital management,” Southall said. “In an environment where top line growth is challenging for some clients, Citi is providing a means for global, regional and local corporations to streamline their payment processes and improve cash flow.”
Vasili added that the platform it offers means businesses that once struggled with accepting payments will now be able to do so without linking to a merchant facility.
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