Payments

At Citibank Pakistan, we recognize that corporate and financial institutions function in diverse regulatory, political, and cultural environments, constantly facing practical problems in payments and collections. Our experience in Pakistan combined with our ability to provide global solutions enables us to offer a full range of payments and collections solutions that help our clients to achieve operational efficiency and cash flow improvements. We deliver time critical information to you regarding your payments and collections which provides you with better visibility of your cash flows, in turn enabling you to make better supply chain decisions.

Raast offers a gateway to Pakistan’s first instant payment scheme, introduced by the State Bank of Pakistan, allowing Citi’s clients to send or receive instant payments. Citi offers instant payment facility to its clients for transacting low-value high-volume transactions between all participating banks using Raast. Raast is a scheme operated by the State Bank of Pakistan which connects all banks and financial institutions for transacting money between their account holders. Raast offers the following benefits:

• End-to-end digital payment flow
• Local currency payments covering B2B, B2C and C2B use-cases relevant to institutional clients
• Instant delivery of funds
• Robust data protection using ISO20022 standards

Real Time Gross Settlements (RTGS)
Operated under the State Bank of Pakistan’s PRISM+ ISO20022 compliant system, all clients can use this facility to transact high-value, PKR currency payments between banks. RTGS is live for all Citi clients using which they can transact funds between all participating RTGS financial institutions in Pakistan.

Mobile Wallet payments
Citi Pakistan offers its clients the ability to make payments to mobile e-wallet holders (B2C flows). This capability allows you to initiate money transfers through Citi’s online banking channels (CitiDirect® and CitiConnect®) to any mobile e-wallet in Pakistan by simply initiating a fund transfer (IBFT or Raast depending on the mobile wallet provider’s availability on IBFT or Raast platform, with Raast being Citi’s preferred mode of transfer).

Electronic Bill Payments via 1Bill
Citi has integrated with 1Link allowing our clients to execute bill payments to all 1Link 1Bill billers, including taxes, utilities, business payments, vendor payments, amongst others. Clients can use CitiDirect or host-to-host connectivity with Citi to initiate bill payments and pay their bills instantly through their systems without the need to visit a branch.

Digital upload of FX cases for regulatory approval
Using CitiDirect, Citi clients can submit their documentation for Foreign Exchange Remittance cases digital for onward submission to the regulator State Bank of Pakistan. Citi provides its clients with the facility to submit online applications and supporting documents so that their applications may be taken up with the regulator for review and approval.

Supported FX cases types include:

• Private and commercial foreign remittances
• International Trade transactions
• Investments
• Guarantees
• Designation of Authorized Dealers, amongst others.

Electronic-Proceed Realization Certificates (e-PRC) issuance
Citi offers the facility to issue Electronic-Proceed Realization Certificates (e-PRC) and Statement of Proceed Realization Certificates (S-PRC) through CitiDirect against all successful inward foreign remittances for its clients. This facility eliminates the need for manual requests and processing, thus saving our clients valuable time and resources.

Electronic Receivables via 1Bill
Citi’s integration with 1Link enables clients to streamline their receivables through electronic invoice submissions via CitiDirect wherein Citi acts as a biller to collect its clients’ receivables. This process allows clients’ distributors/customers to initiate bill queries directly on 1Bill through any banks’ online platforms in Pakistan without the need for them to be a Citi client. This bank-agnostic solution enables clients to instantly collect their funds and take instant supply chain decisions fast-tracking their order to cash lifecycle.

Electronic Receivables via Direct Debit
Citi offers a single liaison point for its clients to monitor collections in Pakistan. The collection service offers a network between Citi and its agent banks. Our services are automated and customized to meet our clients’ needs, with a single instruction sent across electronic channels which triggers your collections process with same day completion.

Collections at partner bank counters
Citi’s collection service allows clients to increase their collection footprint while working with a single bank, with the ability to customize their flow and provide their distributors with increased options.

Using this service:

• Clients can get access to Citi’s branches as well as partner bank branches, spanning across Pakistan.
• Deposits can be made via Cash or Checks. Clients will receive customized report.
• Clients would have a single point of contact at Citi.
• Frequency of fund transfers can be customized with the partner banks.

Digitizing receivables using fintech
Citi works with a 3rd party fintech to allow its clients to avail receivables digitization products and solutions enabled by the fintech’s digital payments gateway. Clients may enjoy several features, including real-time alerts and easy access to reconciliation reports, through this digital solution.