Non-bank Financial Institution Casebook

12 | With the CitiConnect for Files solution, payments files could be sent straight-through into Ping An’s claims platform for their processing and reconciliation. This connectivity is also established across all four of its subsidiary companies, supporting Ping An’s centralized operating model as files can be delivered and received via a single secure banking channel. The high level of automaton in this process enabled it to support Ping An’s large claim payment volumes with on average 300,000 to 350,000 transactions a month. At the end of day, Citi automatically generates a file with the status of all of Ping An’s payments back to its system for reconciliation. This reduced the error rate and cost of manual reconciliation. To make claim payments overseas out of China, Ping An was required to submit paper copies of the insurance contract and claim calculation letter to Citi for validation and processing before the payment can be released. Citi was able to provide Ping An a streamlined digital process to initiate cross-border fund transfer payments via CitiDirect, where supporting documentation for the transfers could be uploaded instead of provided in physical copies. This helped to eliminate costs related to printing and courier and also increased the ease and efficiency of initiating cross-border payments. The Result With Citi’s API solution, Ping An was able to retrieve accurate liquidity positions on demand and benefited from end-to-end transparency on its transactions and cash positions, empowering its treasurers to manage liquidity and working capital strategically. The implementation of CitiConnect for Files enabled them increase operational efficiency by receiving consolidated payment files securely via a single channel, optimal for timely and accurate payment processing. Manual efforts across document submission, payment initiation and reconciliation were also eliminated, reducing cost and the chance for error. As a result of standardization and centralization of their banking needs with Citi, Ping An was able to enhance its own customer experience through timely and seamless payouts. Citi was able to provide Ping An a streamlined digital process to initiate cross-border fund transfer payments via CitiDirect, where supporting documentation for the transfers could be uploaded instead of provided in physical copies. PING AN