Citigroup Global Transaction Services has extended its CitiDirect system to include payments in 11 additional countries and collections in five more, making the online platform available to clients in a total of 90 countries.
CitiDirect is used by corporate clients and financial institutions to initiate payment and trade transactions, generate and track insurance letters of credit and to access netting, collections, liquidity management and multibank cash concentration services.
The release includes new payment methods in over 30 countries and for the first time clients have the ability to make payments in the Bahamas, Bolivia, Dominican Republic, El Salvador, Gabon, Haiti, Honduras, Jamaica, Lebanon, Trinidad and Tobago and Tunisia. Collections capabilities were added in Brazil, Chile, Costa Rica, Ecuador and Paraguay.
In addition, a new reporting engine and file management capabilities now provide clients with real-time intelligence on accounts.
Chris Foskett, head of global sales and marketing, Citigroup Global Transaction Services, says: "We now have complete payment, receivables and trade capabilities in the emerging markets and expanded functionality across all major cash management and trade product lines."
Citigroup says the new version allows it to deliver local market solutions and it plans to release other versions of the platform later this year.
The platform is available in 20 languages and also supports Citigroup's WorldLink Multicurrency Transaction Services and Citibank CLS Settlement Services.