Citi | October 31, 2022
Spring by Citi, Citi’s digital payments service enabling ecommerce and B2B funds flows launched in the U.S. in 2020, has now been fully integrated with Citi® Present and Pay, Citi’s electronic bill presentment platform. The combined solution offers comprehensive digital payment acceptance and electronic bill presentment in one integrated platform. With the new solution, Citi’s institutional clients will now have the ability to both collect payments across a full range of U.S. payment methods and provide world-class digital billing capabilities through a single contracting structure with Citi and a single technical integration, helping them save time and streamlining implementation. Previously, support for all relevant payment methods would have required a connection to an external third party – this comprehensive solution now makes it possible for payment acceptance all in one single contracting structure with Citi.
“For many companies, the ability to offer their customers a fully digital billing experience can be very complex; requiring various third parties, and it is often expensive to migrate away from using manual, time-intensive paper-based processes,This new combined solution gives our clients an easier way to digitize their invoice presentment and payment processes, providing additional payment options to their customers.”
Anupam Sinha, North America Payments and Receivables Head, Citi Treasury and Trade Solutions.
The combined solution helps institutional clients simplify access to the following services through a single contracting structure and technical integration:
More options for their customers to pay from a wide range of U.S. payment methods, including credit and debit cards, ACH direct debit and real-time Requests for Payment, and alternative payment methods such as digital wallets
Ability for their customers to receive and pay their bills via a variety of methods, including web/mobile web, secure email, SMS text and voice (automated IVR and live customer service)
Ability to validate payer bank account details in real-time to help ensure compliance with NACHA related to ACH direct debits without needing an additional technical integration with another third party
As a trusted treasury bank to leading enterprises, we are always looking for ways to make it easier for our clients to use our solutions and we are constantly innovating to help reduce friction for them," continued Sinha. “The integration of Spring by Citi with Citi Present and Pay is one of several initiatives targeted at helping institutional billers address pain points associated with accepting digital payments.
About Spring by Citi
Spring by Citi is an end-to-end digital payments service enabling ecommerce and B2B funds flows, globally. Built on top of Citi TTS's industry-leading and proprietary payments network, Spring by Citi delivers seamless market-relevant payment experiences, combined with a robust set of globally consistent treasury solutions. This comprehensive solution helps businesses optimize their marketplace payments, business-to-business and direct-to-consumer transaction flows. In parallel, Citi's embedded FX, enhanced reconciliation and reporting capabilities help ensure that the critical needs of corporate treasury, payment operations, marketing and sales teams are met. For more information, visit www.spring.citi.com.
About Citi® Present and Pay
Citi Present and Pay enables clients to distribute digital billing information across multiple communication channels based on a consumer’s preference, including secure email, SMS text, Interactive Voice Recognition / phone, web and mobile web experiences, and digital voice assistants. The omni-channel electronic bill presentment and payment platform also collects corresponding payments via multiple forms of payments. Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry a comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
NewStore | March 29, 2022
NewStore, a modular, mobile-first omnichannel cloud platform for retail brands worldwide, announced today that American fashion brand FRAME has launched the NewStore Omnichannel Platform across its retail business. By powering the brand's mobile point-of-sale (mPOS), order management, inventory, and store fulfillment solutions, NewStore is now the backbone of FRAME's retail operations.
FRAME is known for its collections in denim, cotton, leather, and cashmere, and it strives to design a modern versatile wardrobe with the finest natural materials. The fashion brand sells its products through e-commerce, wholesale, and in 15 retail stores today. Most recently, FRAME opened its first international store in London, expanding its global footprint. As it continues to grow its retail presence, FRAME is reinvigorating its customer experience and prioritizing technology's role in creating a seamless shopping journey.
"While we pride ourselves on providing an excellent customer experience, we're always looking for ways to enhance our shopping journey by blending our online and offline channels in a friction-free way," said Jens Grede, Co-founder, FRAME. "NewStore is enabling us to optimize our growing business with omnichannel capabilities that scale and create an even more personalized shopping experience."
Through its partnership with NewStore, FRAME is enabling its employees with the tools and data required to provide the best shopping experience possible. Store associates can view sales, gauge product inventory across store locations, and complete mobile checkouts to improve customer convenience and maximize profitability. Now that all of FRAME's store locations are live on the platform, the brand will work with NewStore to further enhance the customer journey by rolling out features that allow employees to better guide shoppers and create more meaningful relationships.
"Retail stores should be operating as an extension of e-commerce. Customers want seamless access to products, modern fulfillment options at little to no cost, and quick and contactless payments. These expectations are difficult to meet without a global omnichannel solution. With enterprise-wide access to inventory and the right technology in place, FRAME is offering the direct-to-consumer experience that is required to win in retail today. This is critical as they grow the business."
Stephan Schambach, Founder and CEO, NewStore
FRAME is an American fashion brand renowned for its collections in denim, cotton, leather and cashmere. The company's founders Erik Torstensson and Jens Grede strive to design a modern versatile wardrobe through signature denim fits, cotton shirting and coveted leather pieces. Since the brand's inception in 2012 in Los Angeles, California, FRAME has evolved from making handcrafted denim to offering ready-to-wear and accessories collections in the finest natural materials. FRAME is committed to sustainable and fair manufacturing practices, balancing profit with a commitment to people and planet. Today, FRAME is sold through its own retail stores and e-commerce as well as through leading department stores and boutiques across the world.
NewStore provides Omnichannel-as-a-Service for retail brands worldwide that want to accelerate their digital transformation. Built for speed and flexibility, NewStore allows brands to easily deliver amazing shopping experiences that store associates and consumers love. Its mobile-first, modular cloud platform includes POS, order management, clienteling, inventory, and native consumer apps. NewStore customers such as Burton, Faherty Brand, G-Star RAW, Marine Layer, Scotch & Soda, UNTUCKit, and Vince benefit from the most complete, global omnichannel retail solution available. The company is backed by General Catalyst, Activant Capital, and Salesforce Ventures.
Mercaux | March 17, 2022
Mercaux, The Next Generation In-Store Experience Platform, today announces an extension of its in-store suite to include Next Generation POS. The arrival introduces decomposed basket and checkout layers, resulting in a fluid, flexible and fast checkout process, irrespective of where the omnichannel journey started or finished, or method of payment the customer wishes to use. Where legacy monolithic POS has remained stagnant for many years, delivering little in the way of value to retailers, Mercaux's fully composable, cloud-based and API-first solution derives true business value, and provides a frictionless authentication, cross-channel basket transfer and checkout experience for customers.
Next Generation POS from Mercaux consists of a decomposed basket and checkout layer, meaning that a customer can start a journey in one channel (in-store, online or remotely), pick it up in another, and complete the checkout wherever, and however they want. This is enabled via Mercaux's "Universal Basket" that follows the customer wherever they go and supports the rise in popularity of customers who ROPO, or those who would like to use modern payment methods including BNPL, anywhere. Furthermore, by deploying a composable vs monolithic platform, retailers now have the freedom to control how they transform their business, the flexibility to work with other Next Generation solutions of their choice, and the agility to deploy and add new functionality quickly.
"Retail is behind other industries, such as banking or e-commerce, when it comes to composability. By extending our in-store experience platform though to basket and checkout, we are helping retail to take advantage of the agility and speed in which the industry can evolve to meet the heightened demands of the customer."
Mercaux co-founder and ceo, Olga Kotsur
Kotsur concluded, "This is an incredibly exciting development, finally allowing retailers to offer an entirely frictionless cross-channel experience and checkout process for their customers. With the pain of legacy removed, retailers can facilitate new omnichannel service models, understand true customer journeys and leverage online and payment innovations in-store - all leading to tangible top-line benefits."
Mercaux's Composable Platform future-proofs stores. The 3-layers comprise of In-Store Experience, Universal Basket and Next Generation Checkout. The Experience layer redefines how customers interact with the physical store, through assisted selling and self-service solutions. Universal Baskets are created from these solutions that follow the customer wherever they continue their omnichannel experience. Next-Gen Checkout allows customers to complete the transaction anywhere, using any payment.