Narumon Chivangkur, Citi Country Officer, Citi Thailand, said, “The payments landscape continues to evolve to be real-time and instant, leading to the transformation of business models as companies offer their clients 24/7 services. With 7-Day Sweeps, we are enabling our clients’ business models by availing real-time liquidity with automated and secure cash concentration capabilities. We are pleased to offer this first-of-its-kind service in Thailand as we remain committed to introducing digital and innovative capabilities to meet our clients’ evolving needs.”
Using 7-Day Sweeps, cash concentration capabilities can be extended to non-business days. Cash concentration is a corporate treasury practice that involves the transfer and sweeping of funds from multiple accounts to a single account thereby optimizing the use of available funds for business expenses and/or investments.
For e-commerce companies in particular, the service reduces liquidity risk and enhances efficiency by meeting the need for 24/7 liquidity. In Thailand, where majority of payments are facilitated through the domestic PromptPay instant payments scheme, real-time liquidity is critical for online businesses. For Lazada Thailand, 7-Day Sweeps is helping to reduce the need for holding reserves during weekends or outside of business hours.
Varitha Kiatpinyochai, Chief Executive Officer, Lazada Thailand, commented, “As a leading eCommerce platform, Lazada is the first organization in Thailand to adopt 7-Day Sweeps. The innovative solution addresses challenges in eCommerce, where high order volumes often occur outside of traditional business hours, especially during campaign periods. Our commitment to delivering seamless experiences for both shoppers and sellers drives us to empower local businesses. By offering 24/7 financial access, we’re enabling sellers to optimize their operations, scale their businesses and contribute to a vibrant local eCommerce ecosystem.”
The launch of 7-Day Sweeps in Thailand also marks the inaugural launch of the solution for Citi’s Treasury and Trade Solutions Asia South business1.
“We continue to respond to the growing demands for truly 24/7 real-time liquidity management to support commerce cycles end-to-end and enhance the client experience. We look forward to expanding our 24/7 real-time liquidity solutions to more markets in Asia South as we support clients in the age of digital and global commerce,” said Rupa Mankad, Head of Liquidity Management Solutions, Asia South, Treasury and Trade Solutions, Citi.
