Summary
You can manage multiple bank accounts around the world wherever and whenever you are
Advantages of Global Cash Management
- Prompt Concentration of Cash Balances
- - A global company with business network around the world transfers cash balances cumulated as a result of collection to Korea, when unnecessary idle funds cannot be avoided and various costs are occurred.
- - It is a usual practice that cash balance stay generating low interest amount only during the period from collection to remittance into Korea. However, the Cash Concentration Service of Citibank minimize idle funds as account balances at Citibank branches in the participating countries are concentrated into a pre-determined account with specific intervals.
- - You will be able to reduce remittance charges if you want to transfer money into Korea or invest in foreign currency deposit, etc.
- Enhanced Cash Management Capability
- - Once all of your overseas subsidiaries and branches establish accounts at Citibank, all of those accounts can be managed by the common internet banking solution throughout the world, CitiDirect®.
- - CitiDirect® is a solution by which all the accounts are managed over the internet at any time and at any place and is easily used in your own language as it is offered in 24 popular languages including Korean.
- - In addition, it has been designed for you to track frauds, if any, by maintenance of audit trail on transaction initiation history with the state-of-art security solution.
- - You may choose to receive emails containing account balances at Citibank in the world at your favorite time. Account balances higher or lower than thresholds may be advised via emails.
- Financial cost decreases … and interest income increases
- - Global Cash Management service will help you achieve economy of scale as it covers the transactions around the world. In other words, when you use a bank’s network rather than separate banks in countries, your bargaining power will strengthen and bring in cost reduction accordingly.
- - Moreover, concentrated funds will be available for long-term/short-term investment with higher return.
- Promotion of Processing Efficiency
- - Certain manual works may be eliminated as changes of overseas accounts are verified at your office in Korea.
- - In addition, you can easily transfer money to overseas via internet banking, which is linked to your ERP system, and reduce tremendous workload such as reconciliation and manual fund transfer application, etc.
Concentration Account
- - A staff sitting in the office of head quarter can manage accounts established at Citibank branches by overseas subsidiaries over the CitiDirect® on a real-time basis. In Korea, he may be able to identify deposits and withdrawals of the overseas accounts to conduct fund transfer activities at his fingertip. In addition, he can minimize idle fund and manage/administer funds efficiently via automatic concentration of overseas account balances to the pre-set account at the pre-set cycle
Infopool
- - You can check transaction information with other banks overseas through CitiDirect®. Although the account have not been established at a Citibank branch, you will receive account information in other banks via MT940 or MT950 and monitor account information at other banks in the world once you access CitiDirect®.
