Citi is launching a suite of payroll payment solutions, allowing clients to standardise, centralise and automate their payroll payments (view press release). The new service aims to make it possible to reduce overhead costs, increase payment control and achieve higher straight-through processing rates. Clients can access the payroll payment solutions through a range of market-standard and proprietary channels. Clients can access the payroll payment solutions through a range of market-standard and proprietary channels.
“Payroll is an area that has traditionally been handled in a fragmented, decentralised manner” said Karin Flinspach, EMEA head of payments and receivables, Citi Transaction Services. “We are seeing an increasing trend for companies to rationalise the number of payroll processes, providers and systems to yield significant cost savings, visibility and control in HR - an area many corporations view as their largest and most critical cost centre. Citi’s new service provides our clients with the opportunity to streamline and standardise their payroll payment processing, thereby allowing them to achieve greater efficiency.”