SEATTLE — Three companies were awarded 2014 Bank Innovation Awards yesterday here for their noteworthy innovation accomplishments over the last 12 months. The awards, which celebrate innovative successes in the financial services sector, are presented annually at our Bank Innovation conference to financial services companies that went beyond the obvious to produce great financial results or innovations of particular note, either in product, method, message or means. The winners are Citi Latin America, mBank and US Bank. CITIGROUP Citigroup received the first award for its Citi Mobile Collect, a mobile corporate collections tool developed by its Citi Latin America unit. Citi Mobile Collect provides a safe and efficient alternative to cash, increased transaction control, audit trail and cost processing, and has the potential to improve working capital and the financial supply chain. In Latin American economies, perishable goods are generally distributed directly from manufacturers to retailers, rather than through a distributor. Now, the vast majority of sales by these retailers, not surprisingly, is done in cash, which adds a whole raft of challenges, such as driver security, employee fraud and the cost of deposits. Citi Latin America aimed to solve this particularly local problem with a mobile payments app that would [...]
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