If your company had difficulties paying manufacturers in China, a new service may help sourcing become easier.
Citi announced that its Global Transaction Services business has launched an extension to its Express Wire service for payments to Asia.
Express Wire expedites delivery of U.S. Dollar payments destined for beneficiary accounts in Asia, providing clients with a significant edge in the marketplace.
With the newly launched features, Express Wire now provides access to local and regional clearing channels and gives clients the option to request that payments be routed through specific regional clearing systems including HK-CHATS. Additionally, for payments into China, Citi offers a dedicated China Desk so that clients can call directly utilizing Citi's vast correspondent banking network in China and local expertise to address any inquiries related to sending payments into China.
Expanding trade relationships between countries across the globe has created increased demand for more efficient payments solutions. Consequently, end-of-day payment and posting is no longer fast enough. To speed up the delivery of funds, Citi's Express Wire sends a straight-through processing payment to a beneficiary bank in Asia within minutes of a transaction being initiated. If a payment order requires repair, Citi's experienced operations' professionals are available to correct formatting errors within a strict time frame. Express Wire also provides additional liquidity to clients who need to process their payments within Asia morning business hours.