Citi, Syncada enter partnership

Citi, Syncada enter partnership    Syncada's processing and payment capability will be included in Citi's working capital and supply chain management offering.
      'Citi's decision is a validation of our strategy in the financial supply chain market,' said Kurt Schneiber, Syncada's chief executive officer, in a statement. 'We look forward to working closely with Citi to enhance the service offering for their customers.'
   Syncada, formerly U.S. Bank's PowerTrack unit and now a Visa subsidiary, processes invoices, makes payments, and facilitates the financing of payables through a network of financial institutions. It removes the paper from invoicing and payment processes by converting all invoices into electronic data and routing those invoices through an electronic workflow.
   Syncada processes invoices for hundreds of buyers and makes payments to tens of thousands of sellers in 42 countries. In 2010, the platform processed more than $19 billion payments and millions of invoices and trade documents.
   'Citi's global presence complements our Syncada's business strategy to create a global financial supply chain network,' Schneiber said. 'It is our intent to work with our sponsor banks, including Citi, to enable Syncada network users the opportunity to grow globally.'
   Global Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup's Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2010, it held on average $353 billion in liability balances and $12.6 trillion in assets under custody.