Citi introduces new liquidity management solution Cross-Currency Sweeps

Maria Nikolova

The solution aggregates foreign currency balances into a currency and account of choice.

Citi, one of the world’s leading banks, today announces that it has launched Cross-Currency Sweeps, a liquidity management solution that aggregates foreign currency balances into a currency and account of choice.

The solution, which combines the capabilities of a cash concentration sweep with an automated currency conversion, enables clients to fund accounts and reduce FX risk exposure, across their global banking structure. Cross-Currency Sweeps leverage Citi’s global cash concentration network along with its FX provider platform. The solution aims to help treasurers mobilize cash when and where needed, in the right amount and currency, while optimizing investment and working capital strategies. Companies are thus able to reduce FX exposure and immediately convert available liquidity into a functional currency of their choice.

The solution may be used for both intraday and multi-bank sweep arrangements, enabling treasurers to automate foreign exchange dealings in hundreds of currency pairs. In doing so, clients can benefit from Citi’s Foreign Exchange platform, which provides global coverage for electronic pricing. There are a variety of sweep features including frequency, amount, and sweep conditions, which will give clients more control of their structures and liquidity globally.

Citi has piloted the Cross-Currency Sweeps solution in Europe with Micron Technology, a large producer of computer memory and computer data storage. The company needed to eliminate manual operational processes around forecasting of their non-dollar accounts as well as convert negative yielding Euro currency to US Dollars, which is the company’s functional currency. Citi’s Cross-Currency Sweeps solution helped the client automate their cash concentration process, enabled a more effective use of their liquidity, and provided a higher investment yield in their functional currency.

Mark Smith, Global Head of Liquidity Management Services at Citi’s Treasury and Trade Solutions commented: “Cross-Currency Sweeps combines the breadth of Citi’s global network with advanced and integrated capabilities of our Foreign Exchange and Treasury and Trade Solutions (TTS) platforms. This provides a unique solution for our clients looking to optimize their liquidity management through greater automation, visibility and control”.

Read this next

Digital Assets

TON Foundation teams up with HashKey on fiat access for Telegram Wallet

The TON Foundation, a collective of developers behind The Open Network (TON) blockchain, has entered into a strategic partnership with digital asset financial services firm HashKey Group.

blockdag

BlockDAG aka Kaspa’s Toughest Competitor Releases DAGpaper, Lightes Up The Las Vegas Sphere Pulling Shiba Inu Investors & Amassing $16.4M in Presale

BlockDAG, emerging as a Kaspa competitor, unveils its DAGpaper, spotlighting the Las Vegas Sphere and captivating Shiba Inu investors with a $16.4M presale success.

Fundamental Analysis

Global FX Market Summary: USD, ECB, Gold, Oil  April 12 ,2024

A strong US economy, cautious Fed policy compared to Europe, and safe-haven demand are all fueling the surge of the US Dollar.

Digital Assets

Thai crypto exchange Bitkub eyes $3 billion valuation

Thailand’s largest cryptocurrency exchange Bitkub is gearing up for a public offering next year with a potential valuation of up to $3 billion, according to Bitkub Capital Group CEO Jirayut Srupsrisopa.

Technical Analysis

GBPUSD Technical Analysis Report 12 April, 2024

GBPUSD currency pair can be expected to all further toward the next support level 1.2400, target price for the completion of the active minor impulse wave.

Market News

Navigating Currency Trends: Extensive Analysis on EUR/USD Signal

Traders Union provides comprehensive daily analysis and signals for EUR/USD.

Retail FX

Axi extends sponsorship of Brazilian Esporte Clube Bahia

Forex and CFD broker Axi has just announced they’re extending their sponsorship with Brazilian Serie A team Esporte Clube Bahia into the 2024 season.

Digital Assets

Binance-backed Gopax narrows losses amid strong crypto trading

Binance-backed cryptocurrency exchange Gopax reported lower net losses for 2023, according to its parent company Streami’s year-end financial report.

Chainwire

99Bitcoins Launches Learn-To-Earn Presale and Raises $150K On First Day

99Bitcoins, established in 2013, has recently begun its token presale in an effort to harness the current upward trend in Bitcoin’s value. The 99BTC team, seizing this opportunity, offers its learn-to-earn platform, a longstanding resource in cryptocurrency education.

<