Citibank introduces cash management, e-commerce solutions

BANGALORE: Citibank has introduced its Web-enabled cash management solutions with the launch of 'SpeedCollect 2000', its Web-based e-banking for cash management, and 'CitiCommerce', its seller-centric e-commerce solution, linking companies to their dealer network.

"Given our experience in transaction banking services, we can strategically align our Web-enabled products and services with the e-business needs of our customers with the essential link in today's e-commerce online information, financial settlement and reconciliation," said Citibank managing director Sujit Banerji.

Speedcollect 2000 allows Citibank customers to view and download account statements and cash management reports from Citibank's ISO certified Centralised Operations Centre in Mumbai directly to their desktops, on an online real-time basis. On the occasion of the launch, Global Transactional Services India Head Amol Gupte said that, Citibank is the only bank providing images of the underlying funds flow to the customer. According to him, this would translate into increased back-office productivity for their customers and complete control over their distribution process spanning the country.

A sales channel and business process integration solution, CitiCommerce (www.citicommerce.com) Citibank's global business to business e-commerce platform, provides customers with a single window interface with their entire distribution network. "It will provide customers with the infrastructure to rapidly establish and grow proprietary trading communities. It can be easily integrated into a customer's existing system and business processes. This allows them to significantly reduce the need for order collection and data entry functions, as well as other non-productive, semi-annual processes traditionally associated with the accounts receivables function," Mr Gupte said.

In the case of Speedcollect 2000, secure socket layer (SSL) and Verisign certificates encrypt the dial-up session between the customer's browser and server. Access to CitiCommerce is protected by a system of smart cards, passwords and digital certificates issued by an approved certification authority. "Order and invoices details are protected by triple DES encryption, while each fund transaction takes place within Citibank's existing clearing infrastructure," said Mr. Gupte.