Citi partners Syncada from Visa network

Citi has announced that Citi's Global Transaction Services is joining the Syncada from Visa network. This partnership will provide Citi's clients with a specialized solution for managing transportation accounts payable. Designed to increase efficiency with transparency, flexibility and greater control, this 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"

The Syncada Network processes invoices, makes payments, and facilitates the financing of payables through a network of financial institutions. Designed to handle all types of invoices and payments, Syncada offers solutions for general accounts payable and accounts receivable, as well as payments for more complex, audit intensive spend categories. With its specialized transportation payment solution, Syncada directly addresses the needs of companies facing the challenges of managing large supply chain operations via its online collaborative system. It removes the paper from invoicing and payment processes by converting all invoices into electronic data and routing those invoices through an electronic workflow.

"The Citi-Syncada partnership is an important part of our strategy to deliver "best-in-class" solutions to our clients. 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," said Amol Gupte, North America Treasury and Trade Solutions Head of Global Transaction Services at Citi.

"Adding Citi to the Syncada network is significant for us. As one of the world's largest financial institutions, Citi has a well-founded reputation for smartly introducing innovative products and operating as a global bank with an operational presence all over the world. Citi's decision is a validation of our strategy in the financial supply chain market," said Kurt Schneiber, CEO of Syncada. "We look forward to working closely with Citi to enhance the service offering for their customers."