SpeedCollect Buyer Identification
Accounts receivables reconciliation tends to be a highly
manual activity. Citibank Hungary offers SpeedCollect Buyer Identification,
a unique reconciliation solution to for identifying partners who
already settled their invoices. While your company has a single
account with Citibank, each buyer will use a unique account number
when initiating transfers to your company.
The generation of SpeedCollect Buyer Identification:
In Hungary every bank account number has to be 16 or
24 digits long; Citibank uses a 16-digit account number for its
clients. This allows us to use the remaining 8 digits for remitter
identification. In effect, we can embed your Internal Customer (Buyer)
Identification Number into your account number. Thus all of your
clients can use a unique account number when initiating transfers
to your company, which facilitates an easy and fast reconciliation.
Key benefits SpeedCollect Buyer Identification brings you:
- The easy and fast buyer identification frees up
resources for more
value-added activities.
- As the information is available to you electronically,
it allows faster reconciliation. This enables your company to
better manage customer credit lines and liquidity.
- Being able to release credit lines earlier by knowing
who has paid, you can service your buyers more quickly and enhance
customer satisfaction.
- By identifying potential credit issues you can better
control your credit costs.
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