Citibank SpeedCollect®

What is it?

Citibank SpeedCollect service provides a convenient reliable way to collect receivables from your customers and an efficient method of managing your accounts receivable portfolio.

How does it work?

Your sales agents or customers make deposits or payments directly at any Citi branch.

Special deposit slips are used that require the depositor to enter (a) the name or number of the customer or the sales agent's number and (b) reference number for the receivable (e.g., the invoice number).

Alternatively, the invoice or reference number and your customer’s name and/or number can be pre-printed on the deposit slips.

This allows for posting and reconciliation of your Accounts Receivable system.

What are the benefits?

Resource Optimisation: The time and resources that were allocated to the deposit of your collections can now be used in other, more productive activities.

Convenience: Citibank SpeedCollect reduces the amount of valuable time your personnel invest in the collection process.

Automation: Collection information can be monitored via CitiDirect® Online Banking. This information can also be downloaded to your receivables system, to facilitate the reconciliation and posting process.

What are the requirements?

Corporate demand deposit account at Citibank (Trinidad & Tobago) Limited.

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