Ariba says that Citi's Global Transaction Services unit will use the provider's spend management solutions worldwide. Citi will integrate Ariba Invoice and Payment with its own electronic payment and supplier finance offerings to enable end-to-end financial supply chain management for its clients. Citi is the first financial services company to agree to private-label Ariba's spend management solutions to create additional value for customers.
"Citi has a long history of driving innovation to meet the unique and evolving needs of our clients," says Julie Monaco, regional head, North America, Global Transaction Services, Citi. "Leveraging Ariba's invoice and payment solutions in combination with our own industry-leading offerings, we can bring to market an integrated solution that enables clients to unlock the full potential of working capital efficiencies and realize cost reductions across the organization."
Citi will integrate its electronic payment solutions, including a recently launched buyer-initiated purchase card, with Ariba's invoice and payment offerings. Additionally, Citi will establish connectivity to its supplier finance services. These enhancements will enable Citi clients to reduce invoice processing cost and cycle time; perform electronic settlement via ACH and purchasing card; transition suppliers from paper to electronic payments; access working capital efficiencies through Ariba's discount solutions and Citi's supplier finance platform; and increase visibility into A/P spend through enhanced analytics reporting.
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