CSI to Roll Out Working Capital Solution

Corporate Spending Innovations (CSI) will be debuting a new working capital solution to help with supply chain issues, according to a Monday (June 6) CSI press release.

Speaking at Nacha’s Smarter Faster Payments 2022 on May 4, CSI Executive Vice President Eric Riddle said the company wants to add improvements for cash conversion.

He said the company wants to be at the front of payment automation, and has long been entrenched in working capital solutions. The release said the solution will initially be released for a beta group of customers, with a larger release planned for the fourth quarter of the year.

“Working Capital efficiency remains a high priority as we see a continuing trend of businesses struggling to meet their liquidity needs,” he said, per the release. “Our goal is to dramatically improve options for our ecosystem and provide market-leading AP Automation solutions.”

CSI provides payment solutions to brands using business payment options, which include CSI Travel, CSI Paysystems and global-fleet fuel cards.

Last year, CSI also joined up with Citi Commercial Cards on B2B payment offerings for Citi’s customers, combining online payment functionalities from CSI with Citi’s international connections.

Read more: Citi Commercial Cards, CSI Team On Supplier Payments

Citi Commercial Card customers will be able to integrate virtual cards into the CSI system, paying invoices with a virtual card, check or ACH payment with the new solution. It will also be a centralized tool for initiating and reconciling payments.

Gonca Latif-Schmitt, global head of Citi’s Commercial Cards, said the integration “will provide new ways for our clients to make streamlined payments to eCommerce suppliers, especially in the digital media and advertising space, leveraging Corporate Spending Innovations’ critical mass with supplier access via Citi’s global network.”

Marc Divay, general manager of corporate payments at Edenred, the parent company of CSI, said this would help to “redefine B2B payments solutions delivered to their commercial card customers as part of our expansion in Corporate Payments.”