Citi launches eLoans solution for commercial bank clients in the US

By Delisha Fernandes

Citi has launched its Trade and Working Capital eLoans solution for its US commercial bank clients.

The solution is designed to help clients meet their current and projected working capital needs through loan advances via Citi’s easy-to-use and secure eLoans platform.

The eLoans platform aims to support clients by allowing them to access liquidity for running their commercial business, reducing manual touch points and allowing the client to manage outstanding loans via repayment features, enhancing self-service reporting via automated notifications.

Raymond Gatcliffe, Head of North America Citi Commercial Bank, said, “A significant focus for CCB globally, and in North America, is ensuring we deliver on our global network of banking products and services for our clients. We aim to address their funding and strategic needs through innovative solutions that tap into our ability to collaborate seamlessly within our Institutional Clients Group to provide mid-sized corporates with the support they need to grow.”

Citi worked with a US software company to expand eLoan’s footprint. The bank helped support this CCB Client’s commercial banking needs by:

• Providing an uncommitted, secured post shipment electronic trade loan facility with an accordion that meets the client’s current and projected working capital needs.
• Onboarding more than 800 counterparties, clients of the US software company, at the inception of the facility
• Providing the ability to make cross-border payments in 140+ currencies directly via CitiDirect.

Christian MacDonald, Global Head of Trade and Working Capital Loans in Treasury and Trade Solutions said, “The successful launch of Citi’s eLoans for mid-sized corporates in the US expands the client base that can benefit from Citi’s comprehensive digital working capital solutions offering. Deeper penetration of our digital solutions across corporate market segments means we can support clients in reducing friction in transaction processing and significantly improve their banking experience.”