Citi Consolidate invoice processing tool launches with Infor

Citi has launched Citi Consolidate invoice processing in collaboration with Infor, aiming to digitize invoice approvals, purchase orders and payables for companies using the Infor Nexus supply chain business network. The bank said Tuesday that the tool is designed for buyers and suppliers, with a focus on faster approvals, better data access and earlier access to working capital.

The offering brings Citi’s trade and working-capital services together with Infor Nexus, Infor’s cloud-based network for supply chain participants. Citi said the product is intended to reduce manual handling in invoice creation, reconciliation and payment approvals, processes the bank said have historically been fragmented and could take weeks.

For corporate treasurers and finance teams, the main operational goal is straight-through processing: moving invoice data through approval and payment workflows with less manual intervention. Citi said that could shorten invoice approval times and give buyers a more consolidated view of cash flow and payables data.

What is Citi Consolidate?

Citi Consolidate is an invoice processing solution for Citi corporate clients that use Infor Nexus. It connects purchase order, invoice approval and payables workflows so buyers and suppliers can see more of the same trade data and move invoices toward payment or financing more quickly.

For buyers, Citi said the product offers a single point of access to data and improved visibility into cash flow. For suppliers, the bank said the tool can provide more transparency into where invoices stand in the approval and payment process, while supporting earlier access to financing.

Working-capital financing is often tied to approved invoices or receivables. When a buyer approves an invoice sooner and the data is available to a financing provider, a supplier may be able to obtain cash before the buyer’s scheduled payment date, subject to the terms of the relevant program.

Infor says network data can improve trade flows

Gary Schneider, vice president of financial services at Infor, said the company has worked for two decades on linking physical and financial supply chains. Infor expects its Nexus network capability to support data management, more consistent invoice processes and improved cash-flow visibility, while Citi contributes its global network and advisory services, according to Schneider.

The launch comes as companies face continued pressure to manage liquidity across more complicated supply chains. PYMNTS Intelligence research cited by PYMNTS found that middle-market companies remain underserved in access to working capital, even as more businesses use external working-capital tools to support revenue, supplier relationships and resilience.

PYMNTS also reported that companies using external working-capital solutions have seen measurable benefits to annual revenue, while inefficient processes such as pursuing late payments continue to weigh on margins. Citi and Infor are positioning the new tool as one way to reduce those process frictions by improving invoice visibility and approval speed.

Citi’s services business has also been a point of growth for the bank, according to PYMNTS coverage of its recent earnings. That report said Citi has benefited from the rising amount of financial coordination required to run international companies as trade routes, suppliers and production footprints shift.

The commercial opportunity, as described by PYMNTS, extends beyond processing more payments to handling the complexity that surrounds them. Citi Consolidate targets that complexity at the invoice level, where approval delays can affect buyer visibility and supplier liquidity.

This story draws on original reporting from PYMNTS.