Citi announced that its Global Transaction Services business and Westpac, the Australian bank, have entered into a supply chain partnership which will deliver a new payment service for Westpac customers operating in international markets.

Under the agreement, Westpac will leverage Citi's 'white labeled' global payables and receivables platform to offer a suite of domestic and international supply chain finance solutions for the benefit of business customers in Australia and overseas.

Using the new platform provided by Citi, Westpec claims that the clients will have higher visibility over their payable and receivable and also do their cross-border transactions with complex tax considerations easier.