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.
Citibank uses 16 or 24 digits long account numbers. 16-digit account number 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.
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.