Citi has received a mandate from Vodafone Essar to process the company’s payments across India. Under the mandate, Citi’s treasury and trade solutions, a unit of Global Transaction Services (GTS) unit, will provide Vodafone, a fully integrated payments outsourcing solution backed by customized technology.
Citi said that by consolidating its payments processing activity, Vodafone will gain the advantage of improved visibility of its banking accounts and control over payments across the country. Citi will also partner Vodafone Essar in transitioning the majority of the latter’s payments from being paper-based to electronic.
Moreover, as part of the mandate, Citi will also leverage its relationships with partner banks to offer locally payable checks at over 1600 locations across the country.
Venkatesh, head-treasury of Vodafone Essar, said: “Having made significant investments in technology, we were keen to partner with a bank that could offer a truly open architecture-based solution. By leveraging its continually evolving technology and deep global expertise in transaction services, Citi’s solution for us demonstrates a clear understanding of our requirements and goals. Through experience and innovation, the Citi team has successfully structured and implemented a solution that truly enhances processes and provides value creation benefits to Vodafone.”
Sudeep Yadav, India sales head, treasury and trade solutions at Citi Asia, said: “We are honored to win this very important mandate from Vodafone. We have a quarter century of experience in developing customized value enhancing payment and receivables solutions in India, and are delighted to bring it to bear to help Vodafone further their goals of enhanced visibility over balances and control of payments across the country.”
