Corporate Spending Innovations (CSI) will launch a new working capital solution to solve supply chain challenges, according to a Monday, June 6, CSI press release.
Speaking at Nacha’s Smarter Faster Payments 2022 on May 4, CSI Executive Vice President Eric Riddle said the company wanted to add improvements for cash conversion.
He said the company wants to be at the forefront of payment automation and has long been entrenched in working capital solutions. The release says the solution will initially be released for a beta group of customers, with a larger release planned for the fourth quarter of the year.
“Working capital efficiency remains a high priority as we see a continued trend of companies struggling to meet their cash needs,” he said, according to the statement. “Our goal is to significantly improve our ecosystem options and provide market-leading AP automation solutions.”
CSI provides payment solutions for brands using commercial payment options, including CSI Travel, CSI Paysystems and global fleet fuel cards.
Last year, CSI also partnered with Citi Commercial Cards on B2B payment offerings for Citi customers, combining CSI’s online payment functionality with Citi’s international connections.
Read more: Citi Commercial Cards, CSI Vendor Payments Team
Citi Commercial Card customers will be able to integrate virtual cards into the CSI system, paying bills with a virtual card, check or ACH payment with the new solution. It will also be a centralized tool to initiate and reconcile payments.
Gonca Latif-Schmitt, global head of commercial cards at Citi, said the integration “will provide our customers with new ways to make streamlined payments to e-commerce vendors, especially in the digital media and advertising space. , leveraging the critical mass of Corporate Spending Innovations with access to suppliers through Citi’s global network.
Marc Divay, managing director of corporate payments at Edenred, CSI’s parent company, said it would help “redefine the B2B payment solutions provided to their commercial card customers as part of our expansion into corporate payments.” .