Citi has launched its Trade and Working Capital eLoans solution for its U.S. CCB clients. The solution is designed to help clients meet their current and projected working capital needs through loan advances via Citi’s easy to use and secure eLoans platform.
The eLoans platform aims to support clients by: allowing qualified clients to access liquidity for running their commercial business, reducing manual touch points, while also allowing the client to manage outstanding loans via repayment features; enhancing self-service reporting via automated notifications among other features.
Citi worked with a U.S. software company, a CCB client, as part of the expansion of Citi’s eLoans footprint. Citi helped support this CCB Client’s commercial banking needs by:
Providing an uncommitted, secured Post Shipment Electronic Trade Loan facility, with an accordion, that meets the client’s current and projected working capital needs
Onboarding more than 800 counterparties, clients of the U.S. software company, at inception of the facility
Providing the ability to make cross border payments in 140+ currencies directly via CitiDirect
Access to Citi’s digital platform for use of the eLoans offering is available at no additional cost, and could help our clients to achieve greater control and transparency for debt financing.
Christian MacDonald, Global Head of Trade and Working Capital Loans in Treasury and Trade Solutions, commented: “The successful launch of Citi’s eLoans for mid-sized corporates in the U.S. expands the client base that can benefit from Citi’s comprehensive digital working capital solutions offering. Deeper penetration of our digital solutions across corporate market segments means we can support clients in reducing friction in transaction processing and significantly improve their banking experience.”
Raymond Gatcliffe, Head of North America Citi Commercial Bank, said: “A significant focus for CCB globally, and in North America, is ensuring we deliver on our global network of banking products and services for our clients. We aim to address their funding and strategic needs through innovative solutions that tap into our ability to collaborate seamlessly within our Institutional Clients Group to provide mid-sized corporates with the support they need to grow. We are pleased to offer Citi’s eLoans for the first time in the U.S. and hope to continue driving this product’s penetration in the mid-sized corporates market segment.”