Summary

Cash management is a core component of corporate competitiveness. Therefore, it is necessary for companies to have efficient cash management capability. Generation and processing of data, which can provide a verification of large volume of deposit and withdrawal process, promissory note administration, collection from a number of counterparts and various cash management, are critical factors to treasury management of company.

Features of FirmBanking Service

- Direct interface between customer’s ERP system and the Bank’s enables real-time and batch processing of a large volume of cash management.
- Most of the required cash management services by companies are covered, as services range is broad enough.

Details of FirmBanking Service offered by Citibank Korea Inc.

Service Type Description Remarks
En Bloc Fund Transfer Withdrawal from parent account followed by fund transfer to multiple accounts with Citibank as well as other banks (e.g.: payroll) Batch
Automatic Account Transfer Withdrawal from multiple accounts at Citibank to credit to parent account of customer at the request from customer (e.g.: credit card payment, insurance premium, etc.) Batch
Sweeping When a number of remitters apply for credit without passbook by mentioning the “trust request code,” by which customer can verify credit details. Batch
Transaction Detail Inquiry Deposit and withdrawal transaction details of demand deposit account are transmitted to customers. Batch Real-time
On-line Remittance Withdrawal from customer’s parent account followed by remittances to a number of accounts at Citibank and/or other banks Batch Real-time
Real-time Withdrawal At the request of customer, withdrawals from a number of accounts at Citibank to credit to customer’s parent account Real-time
Account Holder Inquiry Inquiry of actual holder of accounts at Citibank or other banks Real-time


FirmBanking Subscription Procedure

Please make a visit to a branch office near you to discuss on transaction volume and terms (fees, etc.).
Execute transaction related agreement.
Commence transaction processing upon completion of system networking and test