Citi is expanding its Cross-Currency Sweeps cash management solution in Europe, making it available in an additional 14 countries.
According to a Dec. 9 Businesswire news release, Citi’s Cross-Country Sweeps allows finance teams and treasurers to manage cash positions in different currencies, countries and in multiple accounts with an automated solution.
Sam Hewson, global head of eFX Solutions and European, Middle East and Africa head of corporate sales, said corporate clients are moving through a digital transformation journey for their treasury and foreign exchange (FX) risk management.
“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,” he said in the release. “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.”
Stephen Randall, global head of Liquidity Management Services, Citi Treasury and Trade Solutions, noted in the release that managing currency in several countries is typically a manual and time-consuming process.
"Process inefficiencies can lead to excess cash buffers and operational challenges," Randall said. "This solution automates and streamlines multiple steps into one, helping clients optimize both efficiency and liquidity.”
Citi's Cross-Country Sweeps cash management solution is now available in the following European countries: Austria, Germany, France, Spain, Sweden, Bulgaria, Hungary, Czech Republic, Slovakia, the Netherlands, Ireland, Norway, Belgium, and Portugal.
According to the release, the cash management solution can help clients fund accounts, move funds and ensure liquidity across a global banking network.