Citigroup Inc. (NYSE: C) disclosed Monday that it has decided to introduce the new service for its institutional clients. The new service aimed to accelerate cross-border payments through the digitization of supporting documents. The service of Citigroup is initially kicked off in South Africa which simplifies and advances the payment process of overseas payments.

When the firms are intending to start the cross-border payment they need to present supporting documents to their banks to fulfill the various FX control and supervisory reporting obligations. These documents of the firms were obtained and then processed separately from the matching payment in accordance with the guidelines, which would have required instruction manual interferences to link them.

Furthermore, the new service documents Citi can be finalized, administered, and followed digitally through CitiDirect BE electronic banking platform of Citi. The platform also offers users straightforward detailed information about the relevant documentation and data needs for various payment types.

Citi disclosed that it has decided to introduce the program firm in South Africa because of the increasing digitization efforts of SARB. The firm has identified that its clients need cross-border payment services which assist them in saving time and money. The firm disclosed that its strategy involved the exploration of all the areas to identify the manual processes.