What Citi Services does and why cross-border payments are a focus in Vietnam?

Citi Services operates at the core of Citi’s global network, present in 94 markets worldwide and supporting around 19,000 clients. In Vietnam, Citi serves local corporates, public sector companies, financial institutions, and multinationals, providing integrated cash management and trade financing services.

The business assists clients in managing cash and working capital across borders, with payment solutions being a critical component. As more businesses in Asia, including Vietnam, expand globally, they seek to access new markets and growth opportunities. Multinationals in Vietnam often manage complex operations and supply chains across multiple geographies.

Citi connects its global network and solutions with local insights to support these business flows, whether a Vietnamese company is paying overseas suppliers or a multinational is expanding production locally.

The focus is on making cross-border payments seamless and efficient, enabling clients to prioritize strategic goals while maintaining smooth operations.

What challenges do companies face with cross-border payments in Vietnam, and how does Citi Services help address them?

Cross-border payments can be more complex than domestic ones due to multiple bank accounts, currency management, cut-off times, documentation, and compliance with local regulations, which can cause delays and extra costs.

The payments landscape is evolving rapidly with commerce moving online and expectations for real-time, 24/7 payments increasing. This “consumerization” of B2B payments drives our innovation agenda, ensuring our capabilities align with client needs.

To meet these challenges, we invest in scalable, agile, and frictionless solutions.

For example, in Vietnam, we introduced a one-account solution allowing clients to send and receive international payments in over 135 currencies from a single account, eliminating the need for multiple foreign currency accounts.

What are the key features of Citi’s cross-border payment solutions, and how do they enhance the client experience?

Citi focuses on making cross-border payments faster, cost-efficient, transparent, and fully connected.

Powered by our WorldLink network, we facilitate payments in over 135 currencies to more than 180 countries.

In Vietnam, clients use their Citi Vietnam accounts to send payments in over 135 currencies and receive funds in 13 currencies, optimizing costs and efficiency.

Our cross-border funds transfer (CBFT) solution supports various payment needs—including intercompany transfers, overseas vendor payments, and collections—without requiring multiple currency accounts, streamlining the process.

We integrate foreign exchange directly into payments, allowing clients to pay in their preferred currency with automatic FX conversion at competitive rates.

Through our Citi Payment Insights tool, both senders and recipients receive real-time tracking of payments, similar to parcel tracking.

Additionally, in markets like Vietnam where supporting documents are required, our CitiDirect Document Center digitizes document uploads, reducing turnaround times while ensuring regulatory compliance.

We provide flexible access options, including the CitiDirect platform, APIs, host-to-host connections, and SWIFT messaging, to fit clients’ operational preferences.

Together, these features deliver a seamless, end-to-end cross-border payments experience. Our global reach combined with local expertise is why clients trust Citi as a partner.

How do these cross-border solutions empower growth and efficiency, especially in a dynamic region like Asia?

By removing barriers such as multiple accounts, manual FX, and paper-based processes, we enable companies to focus on expanding internationally.

Clients have centralized treasury operations on Citi’s platforms, improving visibility and control.

Our goal is to support clients at every stage, from startups scaling regionally to global corporations optimizing operations locally.

Through an integrated, easy-to-use payments network, Citi Services helps businesses operate with speed, security, and efficiency.

At Citi, our mission is to connect global clients to local markets and local clients to global opportunities, supporting trade, commerce, and payments in Vietnam.