Citi has unveiled the Citi Digital Bill (CDB), a cutting-edge digital bill discounting solution that updates conventional billing methods. This innovation eradicates the need for physical documents and couriers, effectively simplifying the movement of paperwork among various stakeholders and locations.
For sellers, the CDB provides a faster and more transparent method for managing receivables, drastically reducing the time required to convert them into capital from a week to under an hour.
On the buyers' side, the platform allows for real-time insight into invoice approval statuses and offers access to digital bills anytime, facilitating improved tracking and management of transactions. Additionally, CDB seamlessly connects buyers with key relationship banks, optimizing risk assessment. This digital advancement enables clients to transition effortlessly to the new system with minimal disruption.
At present, Citi's CDB is accessible to clients in the United States, the United Kingdom, and Ireland, with intentions to extend its availability to more countries in 2024.
