Citi in collaboration with Visa and Cellulant have launched Citi Optimized Pay, a card payment capability to address challenges often faced by suppliers, including access to timely payments, varied payment options and improved cash flow.
Citi Optimized Pay leverages Tingg, Cellulant’s robust payment gateway, is designed to provide reliable cash flow solutions for small businesses across various sectors. Citi Optimized Pay aims
“We are proud to partner with Citi and Cellulant to launch Citi Optimized Pay. This solution will significantly enhance the efficiency of supply chain payments, providing businesses with reliable cash flow solutions. This is part of Visa’s efforts to empower businesses with the tools they need to thrive in today’s dynamic market,” said Chad Pollock, Visa East Africa Vice President and GM.
Suppliers often wait between 60 to 90 days for payments based on corporate supply chain policies, which can strain cash flows and hinder business operations. Using the Citi Optimized Pay platform, Citi corporate clients will be able to make payments from their commercial cards to their suppliers, who will have the ability to receive funds in the method of their choice, whether bank or mobile wallet. This will not only give Citi clients the ability to leverage corporate cards’ working capital benefit but will also enable suppliers to get paid faster.
David Li, MEA Cards Head, Citi, explained the impact of the provision of the platform, “Small business supply chain finance can be the lifeblood in an emerging economy such as Kenya. Providing access to a solution that drives the financial health of supply chains, will have far reaching effects that goes beyond the short-term impact of increased access to capital, by strengthening the local supply chain network and ultimately positively impacting the economy by promoting job creation and financial inclusion”.
Supply chain finance is emerging as an increasingly significant tool to enhance financial access to small businesses in Kenya, that make up about 80% of the country’s businesses. Citi Optimized Pay is set to play a decisive role in powering their operations.
The platform offers an optimized onboarding process for both buyers and suppliers, enabling seamless access to invoice-linked payments. Suppliers can access funds through various payment channels, ensuring timely and convenient cash flow. The automated accounts payable value chain solution will streamline supply chain payments, expanding the business payments portfolio and increasing client offerings.
“We believe that streamlined payments are a powerful accelerator for business growth. Co-creating ‘Citi Optimized Pay’ with Citi and Visa aligns perfectly with our mission to deliver seamless, secure, and innovative payment solutions for businesses. By addressing critical supply chain financing needs, this solution strengthens supply chains for corporates while enabling SME suppliers to efficiently manage cash flow—unlocking growth opportunities across the entire value chain. This is the kind of innovation that drives long-term economic growth, and we are proud to be at the forefront of powering such solutions,” said Peter O’Toole Group CEO, Cellulant.
The Citi Optimized Pay platform offers several benefits specifically for small businesses to maintain a steady cash flow, which is crucial for day-to-day operations and growth. The platform ensures that small businesses receive payments in a timely manner. With reliable and predictable cash flow, small businesses can better manage their finances, invest in new opportunities, and expand their operations. Small businesses can choose from various payment options that best suit their needs, making the process more convenient and efficient.
Darren Parslow, Global Head, Visa Commercial Solutions, said, “We are excited to introduce a transformative solution that will revolutionize the way businesses manage their supply chains. Our supply finance solution is designed to solve critical issues that both buyers and suppliers face: long payment cycles, cash flow constraints, and a lack of financing options. In a world where time is money, this solution provides the speed and flexibility needed to drive growth and efficiency. As we look to the future, we are constantly exploring new features that can bring even greater value to our customers. We are committed to continuously evolve the solution, adding more capabilities to help streamline the entire supply chain process”.
