Citi Expands Cross-Currency Sweeps Service
Posted by Colin Lambert. Last updated: December 10, 2021
Citi has expanded its cross-currency sweeps cash management solution, which enables treasurers and finance teams to efficiently manage cash positions across multiple accounts, countries, and currencies, using one streamlined and automated solution, across a number of additional European markets.
Leveraging Citi’s global cash concentration network and FX capabilities, it helps companies manage FX and cash positions and immediately convert available liquidity into the currency of their choice, the bank says. The solution is now available in an additional 14 countries across Europe including Bulgaria, Hungary, Czechia, Slovakia, Netherlands, Ireland, Germany, Sweden, Norway, Belgium, France, Spain, Portugal, and Austria.
“Our corporate clients are increasingly moving through a Digital Transformation journey for their Treasury and FX Risk Management,” says Sam Hewson, global head of e-FX solutions and EMEA head of corporate sales at Citi. “As technology has evolved, we are helping our clients to automate processes, using efficient, integrated and seamless strategies to provide transparent liquidity and FX activities. Citi Cross-Currency Sweeps brings together the power of our liquidity and FX technologies to help our clients automate their day-to-day activities, so that they can stay focused on creating smart treasuries of the future, today.”
The tool addresses a wide range of cash management needs, the bank explains, making it easier for companies to fund accounts when and where balances are needed and to achieve optimised liquidity across their global banking structure.
Enabling the automation of FX dealings in a variety of major and exotic currency pairsthe solution allows treasurers to move funds across the Citi network. Accounts in local currencies do not need to be pre-funded and companies can seek to realise same-day settlement of funds in the desired currency, on an intraday basis.
“Citi Cross-Currency Sweeps provides significant potential to enhance the way treasurers manage liquidity,” says Stephen Randall, global head of liquidity management services, Citi Treasury and Trade Solutions. “Managing liquidity in multiple currencies is often a manual process, with significant time taken up by forecasting, FX management and the movement of cash between accounts. Process inefficiencies can lead to excess cash buffers and operational challenges. This solution automates and streamlines multiple steps into one, helping clients optimise both efficiency and liquidity.”