Frequently Asked Questions
How does the post export finance solution work?
How is the Citigroup price determined?
How often does LIBOR change and what is the current rate?
How long does it take to implement the post export finance solution and begin receiving payments?
Who do I contact if I have questions during the implementation process?
What if I haven’t received any payments after implementation?
What is a Certificate of Incorporation?
What if I sign up for the program and then change my mind?
How does the post export finance solution work?
- The Jones Apparel Group approves your payment and sends payment instructions to Citigroup.
- Citigroup sends you an e-mail that payment has been approved and will be released on a future date consistent with your terms.
- As the supplier, you can automatically request that Citigroup releases your funds early -two days after payment approval- at competitive discount rates.
- Payments are transmitted by Citigroup electronically.
How is the Citigroup price determined?
The Citigroup Price is based on LIBOR (the London Inter Bank Offered Rate published by the British Banking Authority) plus a spread. We determine the fee to purchase your receivables based on the Citigroup Price, the value of your receivables, and the period your receivable is outstanding. Generally, the fee works out to be far less than what it would cost you to fund this receivable, resulting in savings to you.
How often does LIBOR change and what is the current rate?
LIBOR changes daily. Over the past 10 years, LIBOR has remained approximately 3% below the prime rate.
How long does it take to implement the post export finance solution and begin receiving payments?
Once Citigroup has received completed originals of the Supplier Agreement and Supplier Setup Form, you will have full access to the system within approximately 2 weeks.
Who do I contact if I have questions during the implementation process?
For assistance during implementation, please do not hesitate to call your Citigroup representative.
What if I haven’t received any payments after implementation?
Please contact The Jones Apparel Group to ensure that payments are due to you.
What is a Certificate of Incorporation?
A Certificate of Incorporation is a government-issued document that verifies the corporation’s existence.
What if I sign up for the program and then change my mind?
Our contract will allow you to terminate the service with 30 days written notice.
