May 29, 2013
Shanghai, May 27th 2013 - Citibank (China) Co., Ltd. (“Citi China”) today announces the launch of Citi® Mobile Collect, an advanced and innovative solution under its receivables solution suite. Together with E-Custom and E-Tax launched recently, Citi China is sparing no efforts to develop its digitalized solutions.
Citi China is the first and only bank to offer mobile collection in China, and is the first branch across Citi that utilizes its global mobile engine. The solution replaces cash collection with a secure, convenient mobile solution, settling unds in real time at the point of sale with immediate confirmation to both the buyer and seller, enabling customers in the consumer sector to directly collect from their distributors’ account upon SMS confirmation and deliver goods upon a timely credit advice via SMS. The solution is also scalable to customers in other industries with direct distribution models.
DANONE YILI, a trading company of DANONE group that mainly sells DANONE YILI mineral water, found the Citi® Mobile Collect to be an ideal solution to meet their expanding business needs. The new solution provides immediate transaction confirmation, thereby decreases the need for any manual reconciliation.
Yigen Pei, Head of Citi Treasury and Trade Solutions for China, said, “We are delighted to partner with Danone to provide this innovative solution which will see a more efficient way of receiving payments from their distributors. We are also excited to achieve another first for China in pioneering this new receivables solution for the market.”
According to Pei, Citi® Mobile Collect can eliminate risks associated with cash collection. Settlement and confirmation of mobile collection are done in real time, thereby streamlining back-office and reconciliation processes, accelerating collections and optimizing liquidity with reduced processing cost as well as fraud risk.
Citi China launched the E-Customs service based on the National Customs Electronic Payment System at the end of 2012. Citi is the first foreign bank in China that supports electronic payments for Customs Duty. Citi China also announced the official launch of E-Tax service through TIPS (Treasure Information Processing System) for Beijing and Chengdu branches. TIPS is a China nationwide system introduced by People’s Bank of China (PBOC) that links tax bureaus, banks and national treasury, through which the local tax and national tax payment could be processed via the electronic channel.
Re-disseminated by The Asian Banker