Summary
Convenience and efficiency of collection by using automated sweep to concentrate funds into one account from multiple banks
Product Background
- - Reduce costs of fund concentration and reconciliation
- - Prevent the risks of internal fraud caused by managing multiple accounts
Benefit of the Product
- - Reduce processing and administrative costs
- - Better control of cash flow by concentrating funds
- - Improved risk management and controls
Advantages of Citibank Product
- The best system and vast experience
Transaction Terms
- Companies who need automated and efficient collection process.
Required Documents and Transaction Flow
- Required Documents
- - Multi-bank Service Agreement
- - Multi-bank Service Application
- - Internetbanking or Firmbanking Agreement with Citi/other banks depending on the type of Sweeping
- Transaction Flow Diagram
