The app launched this month for iOS and Android smartphones, rolling out in Brazil, El Salvador, Honduras, Paraguay and Peru, and planned to launch in other countries soon, the report stated. It will allow for constant visibility for receivables available for discounts, payment status and transaction history.
Mauricio Tarazona, Latin America trade working capital finance head, said the idea is to show clients "that we are here to support their business needs and those of their suppliers," and to offer an easy, mobile payment service that one can access anywhere, according to Finextra.
Citi is also involved in the digitization of business in Latin America as the pandemic forces businesses to renavigate their entire structures and move online to accommodate customers' needs. The new Citi Supplier Finance app will add to the arsenal for the companies looking for electronic onboarding services, Finextra reported.
“With clients increasingly embracing mobile, we continue to innovate, reflecting the changes in clients’ business models and certain priorities,” said Andre Carvalho, Latin America trade head, according to Finextra.
Citi Supplier Finance programs are working with over 18,000 suppliers in Latin America and several hundred corporate clients, Finextra reported.
Before the pandemic, Citi spoke with PYMNTS about the new challenges faced by supply chains with other global crises like 2019's trade wars. John Ahearn, at that time the managing director and global head of trade for Citi’s Treasury and Trade Solutions business, said that shifts in B2B payments to online platforms could help to create certainty, which can then also boost competition as smaller suppliers look for easier ways to get paid.