Citi expands FX conversion tool across Europe

Citi Bank has announced the market expansion of its automated FX conversion tool across 14 additional European countries.

The bank’s Cross-Currency Sweeps solution aims to help treasurers and finance teams to manage cash positions across multiple accounts, countries, and currencies.

The tool uses Citi’s global cash concentration network and foreign exchange (FX) capabilities to help companies manage FX and cash positions and convert available liquidity into the currency of their choice.

The solution is now available in an additional 14 countries across Europe including Bulgaria, Hungary, Czechia, Slovakia, Netherlands, Ireland, Germany, Sweden, Norway, Belgium, France, Spain, Portugal, and Austria.

“Our corporate clients are increasingly moving through a Digital Transformation journey for their Treasury and FX Risk Management,” says Sam Hewson, global head of eFX solutions and EMEA head of corporate sales. “As technology has evolved, we are helping our clients to automate processes, using efficient, integrated and seamless strategies to provide transparent liquidity and FX activities.

Hewson added: “Citi Cross-Currency Sweeps brings together the power of our liquidity and FX technologies to help our clients automate their day-to-day activities, so that they can stay focused on creating smart treasuries of the future, today.”

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