Perspectives 2020-2021 Public Sector

Citi Perspectives for the Public Sector 62 63 Conclusion While the COVID-19 crisis is ongoing, the provision of PPE and other medical equipment is now better organized. Most public sector entities have established relationships with suppliers they trust and are unlikely in the future to need to make purchasing decisions with great urgency and during a time of uncertainty. Nevertheless, treasury and purchasing organizations should continue to be mindful of payment security, efficiency and flexibility. The use of Trade Finance, Agency and Trust and VCA solutions can help to eliminate fraud and should become part of the toolkit of treasury and purchasing organizations. Indeed, simply using these solutions does much to eliminate fraudulent suppliers: often they will be unwilling to sign up for a L/C or unable to process a VCA payment. Suppliers requiring payment by wire, and not entertaining any other payment alternatives, should raise a red flag for public sector entities making purchases. Secure, Efficient and Flexible Payments Are Paramount During COVID-19 and Beyond Virtual Card Accounts