Open Account Services

If you regularly conduct business with certain buyers, you can reduce the time and costs of letters of credit and documentary collections by taking advantage of Citibank’s efficient, electronic, “data-enriched ” Open Account trade process.

With enhanced Open Account trade processing, Citibank not only effects payment for your open account sales, but also transforms and streamlines the entire reconcilement process.

In foreign trade transactions, if you trust the buyer to perform, payment terms can be made on open account. Among the benefits to exporters:

• Makes enhanced transaction information available faster, so your buyers can make prompt “pay” decisions, and you get paid faster
• Reduces reliance on time-intensive letters of credit and import collections
• Reduces trade finance fees