Citi Debuts Cross-Currency Sweeps

Citi has launched Cross-Currency Sweeps, a liquidity management solution that aggregates foreign currency balances into an account and currency of choice, according to a story in MarketsMedia. By combining the capabilities of a cash concentration sweep with an automated currency conversion, clients can fund accounts and reduce FX risk exposure across their global banking structure. The solution leverages Citi’s global cash concentration network along with its FX provider platform. It is designed to help treasurers mobilize cash when and where needed, in the right amount and currency, while optimizing investment and working capital strategies. Companies can reduce FX exposure and immediately convert available liquidity into a functional currency of their choice.