Citi and Syncada form partnership

Deal will help provide specialized solutions for transportation accounts payable

March 29, 2011
by Purchasing b2b staff

NEW YORK & MINNEAPOLIS: Financial services company Citi announced its Global Transaction Services will join the Syncada from Visa network. The partnership will provide Citi’s clients with a specialized solution for managing transportation accounts payable, the company said. Designed to offer transparency, flexibility and greater control, the processing and payment capability will be part of Citi’s working capital and supply chain management offering.

“The Citi-Syncada partnership is an important part of our strategy to deliver ‘best-in-class’ solutions to our clients,” said Amol Gupte, North America treasury and trade solutions head of Global Transaction Services at Citi. “Our award-winning supply chain finance platform and Syncada’s market-recognized expertise in this sector adds another dimension to our trade finance and payments products.”

Citi provides supply chain finance programs such as Citi Supplier Finance, Citi Procure to Pay, Accounts Receivable Financing and Distribution Finance. The Syncada Network processes invoices, makes payments and helps with financing payables through a network of financial institutions.