Finland. Country Profile

Transcription

1 Finland Country Profile

2 Contents Country Overview 1 Clearing Systems 4 Foreign Exchange Controls 6 Taxation 7 Trade Regulations 9 Citi Solutions and Services 10

3 Country Overview Banking Holidays in Finland New Year s Day Epiphany Good Friday Easter Monday May Day Ascension Day Midsummer Eve Independence Day Christmas Eve Christmas Day St Stephen s Day January 6 January 3 April 6 April 1 May 14 May 19 June 6 December 24 December 25 December 26 December Key Facts * Capital City Helsinki Population 5,268,799 (July 2014 est.) Currency Euros Currency SWIFT Code EUR Exchange Rate EUR per USD (2012 est.) GDP growth rate -0.6% (2013 est.) GDP per capita $35,900 (2013 est.) Exports $75.7 billion (2013 est.) Imports $70.67 billion (2013 est.) Inflation Rate 2.2% (2013 est.) Finland has a highly industrialized, largely free -market economy with per capita output almost as high as that of Austria, Belgium, the Netherlands, and Sweden. Trade is important with exports accounting for over one third of GDP in recent years. Finland is strongly competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in high-tech exports such as mobile phones. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Forestry, an important export earner, provides a secondary occupation for the rural population. Finland had been one of the best performing economies within the EU in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports, domestic trade, and household consumption stimulated economic growth in The recession affected general government finances and the debt ratio, turning previously strong budget surpluses into deficits, but Finland took action to ensure it that it met the EU deficit targets in 2013 and retained its triple-a credit rating. Finland's main challenge will be to stimulate growth while faced with weak export demand in the EU and its own government austerity measures * *Source: (December 2014) Finland Country Profile 1

4 Country Overview Banking System Central Bank Residing in Helsinki, the Bank of Finland has been the main central bank of Finland since 1812, making it the fourth oldest central bank in the world. It was originally opened on 1 March 1812 in Turku, but moved only a few years later in 1819 to its current headquarters in Helsinki. Since Finland joined the European Union in 1999, the bank has been part of the European System of Central Banks (governed by the ECB), as well as taking on the European currency of the Euro and being a part of the Eurozone. 34 Savings Banks (Saastopankki) 213 Cooperative Banks (OP-Pohjola Group) 38 Local Cooperatives (Finnish Local Cooperative Bank Group) 14 Commercial Banks 14 Foreign Banks Location of Financial Investment Centres Helsinki is Finland s major financial, political, educational, cultural and research centre as well as one of northern Europe s major cities. Approximately 70% of foreign companies operating in Finland have settled in the Helsinki region. Citi in Finland Citi was established in Finland in 1977 as a representative office. Citi became the first foreign bank to open in the country in1982. The subsidiary was converted to a branch of Citibank International Limited, UK, a wholly owned subsidiary of Citibank, N.A. in Citibank Finland focuses on serving major Finnish corporate, financial institutions and public sector names globally, as well as multinational subsidiaries operating in Finland. Head Office Address Citibank International Limited Finland Branch Aleksanterinkatu 48 A PO Box 980 FI Helsinki Finland Tel: Fax: Finland Country Profile

5 Country Overview Location of Branches There is one Citibank International Ltd branch located in Helsinki (address as above). Services Offered to Citi Clients Treasury Cash Management Liquidity Management Investments Loans Trade Services Buyer & Supplier Financing Agency and Trust Fund Services Direct Custody and Clearing Securities Lending Corporate Finance Finland Country Profile 3

6 Clearing Systems There are two interbank payment systems in Finland: Target 2 and a retail payment system. Citi Helsinki is not a member of any direct clearing systems. High-Value TARGET2: TARGET2 (Trans-European Automated Real-time Gross settlement Express Transfer system for EU/EEA-wide Euro payments) is the latest version of the Pan European Real Time Gross Settlement (RTGS) system which transformed the decentralised network of payment systems into a true pan-european payment system with a single technical clearing platform. Three Eurosystem central banks provide an integrated market solution the Banca d Italia, the Banque de France and the Deutsche Bundesbank which jointly provide the single technical infrastructure, the Single Shared Platform (SSP), of TARGET2 and operate it on behalf of the Eurosystem. Retail SEPA: From the point of view of European banks, one or more centralised Pan-European Automated Clearing Houses (PE-ACH) is needed to enable smooth payment transmission between all banks operating within the area. The banks that operate in Finland joined such a PE-ACH clearing house, the Euro Banking Association s (EBA Clearing) STEP2 SCT (SEPA Credit Transfer) system, to ensure the transmission of euro payments within SEPA and for cost-efficiency reasons. In addition to EBA Clearing, a number of other clearing centres in Europe manage the clearing and settlement of interbank payments. These clearing centres are either country-specific or operate in a larger geographical area, and they may also offer other payment transmission services to their members. EBA Clearing has developed the STEP2 SCT service on the further initiative of banks operating in Finland. The aim has been to retain the service level of domestic payment transmission in Finland following the transition to SEPA. One such service is night-time payment clearing and settlement, which ensures that payments will also be transmitted quickly in the future. In practice, payments will arrive at the beneficiary s bank in the early hours of the banking day following the payment date. Transactions are settled within the European Central Bank s Target2 system between the banks ECB accounts. The service was introduced in December Banks in other countries use this service for clearing and settlement of payments in the morning. Other banks can also join the night-time clearing and settlement service. EBA Clearing s STEP2 SCT service also supports other additional optional credit transfer services agreed on between banks operating in Finland, such as the transfer of Scandinavian characters, multiple instances of Finnish reference numbers, payment dates and additional specifications related to payments. Domestic Direct Debits mandates did not automatically convert to SEPA Direct Debit mandates. Rather Finland treated SEPA Direct Debit as a new service. Most large volume invoices converted domestic direct debit mandates to e-invoices, whereby the invoice receives the invoice directly onto his or her web-banking service for automated or one-click approval. 4 Finland Country Profile

7 Clearing Systems In cooperation with EBA Clearing, banks operating in Finland are planning to replace the existing domestic urgent transfer transmission system with an additional optional service provided as part of EBA s STEP2 SCT service. Banks in other countries also have the opportunity to join EBA s urgent payment service. Furthermore, replacing the existing POPS (bank online urgent transfer and cheque transmission) system requires revising the clearing procedure applied to cheques and banker s drafts, as well as the replacement of these paperbased payment instruments with more efficient solutions. SEPA Implementation and Migration Plan in Finland Version 4; 17 February 2010 Clearing Streams Clearing Stream (CS) Payment Type Payment Instruments POPS High Value Electronic Domestic Funds Transfer (ACH, GIRO, DFT, GIRO, Wire) Finland Credit Notes SEEBACH SEPA SEPA credit transfer SEPA direct debit AOS 1 (payment date field) AOS 2 (multiple instances of structured remittance) TARGET2 High Value Electronic Cross-border Funds Transfer (MT103) Bank to Bank funding (MT202) Funds Availability Schedule Clearing System Cut-off Time Funding Date Client DR/CR Date Beneficiary Value Date Local Currency SEPA Credit Transfer (EBA cut-off) Value Date Value Date +1 Next Day Local Currency TARGET 2 (T2 cut-off) Value Date Value Date Same Day Local Currency Book-to-book (use CD cut-off) Value Date Value Date Same Day Foreign Currency Transfers Currency Dependent Currency Dependent Currency Dependent Currency Dependent Finland Country Profile 5

8 Foreign Exchange Controls No restrictions exist. Currencies may be freely converted and repatriated. 6 Finland Country Profile

9 Taxation Withholding Tax The withholding tax rate applied to dividend payments is 25.5%. From public companies, 85% of the dividend is taxable and 15% is tax-free. The tax rate for the taxable dividend is 30% for less than 40,000 EUR and 32% for over 40,000 EUR. The tax rate for dividend paid to non-resident shareholder is 30% but might be reduced due to double taxation avoidance (DTA) agreements. Tax is reduced at source. Interest payments and bonus shares paid to non-resident investors are exempt from withholding tax. Transfer Tax If both parties to a transaction are non-residents, the transaction is normally exempt from transfer tax. However, if either party to the trade is a resident and the transaction is dealt outside of the stock exchange, a transfer tax of 2% is levied. Tax is normally paid by the buyer, where the buyer is a Finnish resident. If the buyer is a non-resident, the Finnish seller is responsible for collecting tax from the counterparty. Thin Capitalisation Tax Although Finland does not have any formal thin capitalization rules or debt/equity ratios, corporate taxation in 2014 was changed to include a limitation on net interest deductibility. Tax Treaties A reduced rate of withholding tax can be obtained at source, depending on an applicable double-taxation agreement and provided that documentary evidence of the beneficial owner s eligibility to reduced tax rates is provided either up front or upon request, depending on the applicable tax rate. In the case of a non-resident paying in excess of the rate stated in a double taxation agreement by error, a reclaim can be made. Finland has signed tax treaties with several countries and negotiated the listed tax rates. Income Tax In 2014, corporate income tax was reduced from 24.5% to 20%. Other Taxes In general, VAT is 24% from the assessed value. Certain goods and services are taxed at a lower rate (14% or 10%). Stock Market The Helsinki Stock Exchange (Finnish: Helsingin Pörssi, Swedish: Helsingforsbörsen) is a stock exchange located in Helsinki, Finland. Since 3 September 2003 it has been part of OMX, referred to as OMX Helsinki (OMXH). Since NASDAQ s acquisition of OMX in February 2008, the official name of the Helsinki exchange has been NASDAQ OMX Helsinki. OMX Helsinki 25 (OMXH25) is a stock market index for the Helsinki Stock Exchange. It is a market value weighted index that consists of the 25 most-traded stock classes Finland Country Profile 7

10 Taxation Instruments Traded Equities Interest rate securities Options Warrants Futures 8 Finland Country Profile

11 Trade Regulations All Trade Services for Finland Customers are supported from Citibank London. Customs Exports/imports Tariffs Import licensing requirements/quotas Finland Country Profile 9

12 Citi Solutions and Services Account Services Resident Current Accounts Resident accounts are permitted on-shore and off-shore in EUR. Non-Resident Accounts Non-Resident on-shore accounts are permitted in EUR. Currency Convertibility Local Currency is freely convertible domestic and off-shore. Interest and Overdrafts Remittance of Dividends and Profits There are no restrictions Repatriation of Capital There are no restrictions on the repatriation of capital Accounts Availability Current On-shore Off-shore Savings EUR FCY EUR FCY EUR FCY Res Y N Y N N N Non-Res Y N Y N N N 10 Finland Country Profile

13 Citi Solutions and Services Interest Capability (Current) Balances Overdraft EUR FCY EUR FCY Res Y N Y N Non-Res Y N Y N Interest Capability (Savings) Balances Overdraft EUR FCY EUR FCY Res N N N N Non-Res N N N N Legend Y Offered by Citi N Regulation Allows, but not Offered by Citi X Regulation Disallows * Conditions Apply Finland Country Profile 11

14 Citi Solutions and Services Payments Citi Finland has a comprehensive payment and collection infrastructure that offers clients the opportunity to significantly improve the management of domestic and cross-border flows, to gain efficient access to local clearing services and to process and clear transactions quickly and effectively. Citi Payments Capabilities Domestic Wires Crossborder Wires ACH/Low Value SEPA Direct Debit Cheques SEPA Payroll Transfers Multibank Transaction Initiation SEPA Credit Transfer N N/A N Multibank Transaction Initiation (MBTI) MBTI enables the concentration of funds into Citi accounts from third party local banks. Using CitiDirect BE clients are able to instruct their local banks to move excess funds to Citi, either for investment purposes or to fund shortfalls. This also achieves the up streaming required in an overlay structure for a regionalised or centralised treasury. The account statements and balances, upon which client instructions are based, are provided by Data Aggregation. Instructions are sent to the local bank across the SWIFT network on behalf of the client. Citi utilises message types MT101 for this purpose. The benefit of the dual capability of Data Aggregation and MBTI is that, once established, customers are able to utilise a single banking platform, CitiDirect BE, to control concentration, investments, and funding Domestic Transfers Citi Finland can provide clients with current accounts and access to CitiDirect BE electronic banking to allow simple initiation of SEPA payments in Euro and other major currencies as required. Clients can initiate payments to beneficiaries who hold their accounts with other banks in Finland, or make Book-to-book payments to beneficiaries who also hold their accounts with Citi Finland. Payroll Transfers The Payroll package is a range of banking services that are designed to meet Client s needs related to payments such as commissions, fees and other cash payments to your employees. The Payroll package comprises the following services: Opening and maintaining an account for payroll payments Opening and maintaining an account for social benefit payments Prepaid debit cards as an alternative method of payment to beneficiaries without bank accounts debit cards may be used throughout Finland at locations accepting VISA Electron 12 Finland Country Profile

15 Citi Solutions and Services PayLink Direct Credit Overnight electronic credits with choice of , fax and/ or mail remittance advices sent to beneficiaries. Commercial Cards A Card-based payment solution deployed as a central part of the expense management process for employee Travel and Entertainment as well as procurement. Citi supports a broad range of card products (Corporate, Purchasing, One Card, Lodge and Single-Use accounts). Cards are issued in over 100 countries globally, via a single proprietary source, ensuring control and consistency. Citi is the only global bankcard issuer that does not rely on partner banks to deliver local currency Commercial Cards solutions in over 45 different currencies and 26 local languages. Citi is a dual issuer of MasterCard and Visa offering unsurpassed acceptance at 32 million merchant locations and 1,500,000 ATMs in 140 countries. Prepaid Cards Prepaid Card programs offered by Citi are customised solutions that can help companies to improve the effectiveness of sales & marketing campaigns, deliver payroll, make more frequent sales commission payments to a franchised sales force and much more. Cross-border Payables Utilising Citi s extensive global network, clients can execute same day value payments in many major foreign currencies within Citi s global network. Using CitiDirect BE, you can initiate foreign currency payments from your current accounts, payment processing within our own global network enables us also to significantly accelerate cross-border payments processing and reduce processing times. Book-to-book Transfers Transfers between accounts held with Citi Finland and accounts held outside of Finland are considered to be Cross-border Book-to-book Transfers and will be processed in real time with the same-day value, subject to cut-off times. SEPA Credit Transfers Citi has been one of the key drivers behind the SEPA initiative since its inception. From the launch of SEPA Credit Transfers in January 2008 Citi has been offering this new payment method across all 23 SEPA geographies including Finland. Clients are enabled to make SEPA Credit Transfers via both our electronic banking and our file based gateway, CitiDirect BE Online Banking and CitiConnect for Files respectively. The benefits of SEPA to our clients are substantial. Standardisation is created through the adoption of a single set of consistent pan-european payment instruments SEPA reduces the need to consider national payment practices, rules, information requirements etc. and facilitates greater centralisation distributed banking model can become more simplified and optimised SEPA aligns with existing efficiency initiatives to improve straight-through processing, reduce cost and maximise working capital In addition, the European payments market offers protection through increased regulation, transparency and competition amongst banks Full support for Finnish SEPA credit transfer requirements available through the CitiConnect solution Partial support for Finnish SEPA credit transfer requirements through CitiDirect BE Online Banking Finland Country Profile 13

16 Citi Solutions and Services WorldLink Payment Services A complete solution that enables clients to issue cross-border electronic and cheque payments, It permits you to initiate and control your payments online while simultaneously outsourcing the preparation and delivery of cheque payments and electronic funds transfers. WorldLink Funds Transfers WorldLink Funds Transfers enable you to make payments in over 135 currencies. Citi affects the appropriate funds transfer to the beneficiary s dedicated bank for credit to its account. WorldLink Funds Transfers provide speedier delivery of funds than WorldLink Cheques Global Clearing Foreign currency accounts domiciled off-shore at Citi branches providing high value and cheque payment solutions. Foreign Cheque Collections No check collections are supported by Citi Finland. Continuous Linked Settlement (CLS) Providing access to clients to trade within new global FX standard that eliminates FX settlement risk. 14 Finland Country Profile

17 Citi Solutions and Services Receivables Citi Finland has a comprehensive payment and collection infrastructure that offers clients the opportunity to significantly improve the management of domestic and cross-border flows, to gain efficient access to local clearing services and to process and clear transactions quickly and effectively. Citi Receivable Capabilities Domestic Wires Crossborder Wires ACH/Low Value SEPA Direct Debit Cheques SEPA Payroll Transfers Multibank Transaction Initiation SEPA Credit Transfer * N/A N N/A ** * Through Partnership with Danske Bank only ** Through Danske Bank in some cases where Remitter parties are dependent on legacy conversion banking software Merchant Services Accepts credit card payments by clients in both face-to-face and non face-to-face situations, through EFTPOS terminals and the Internet. Incoming Funds Clients can receive both domestic and cross-border receipts into your Citi Finland accounts, with value date as follows: Domestic Receipts: Domestic receipts received electronically will be credited to your local currency account on the same day Citi Finland receives the funds on our correspondent account, with the same-day value date Cross-border Receipts: Cross-border receipts received electronically will be credited to you on the same day Citi Finland receives advice from our correspondent bank, provided the funds are received before cutoff time. Payments received after this time will be credited to your account with next business day value Incoming Foreign Funds Transfers Local accounts can be credited through the transfer of funds from abroad. The FX market is currently free of restrictions on the purchase or transfer of foreign currency Lockbox Citi s European Lockbox services aim to address the time-consuming and labour-intensive process of capturing data from paper receivables, such as cheques and remittance advices. It enables you to outsource this process to Citi, who will in turn provide you with information that you can integrate directly into your Accounts Receivable system thus streamlining your reconciliation process. Finland Country Profile 15

18 Citi Solutions and Services Accounts Receivables Matching Service (ARMS) Citi s Accounts Receivables Matching Service (ARMS) works in tandem with Citi s European Lockbox and Electronic Banking services to integrate collection, clearing, data capture and matching services into a fully automated receivables solution. ARMS offers the following key benefits: Freeing of resources allowing your staff more time to focus on core competencies Improved reconciliation significant improvement in first-pass receivables reconciliation Focus the ability to focus attention on resolving exceptional receivables Control streamlined flow of funds and information Lower costs significantly reduced administrative costs Card Acquiring Citi s Card Acquiring partnership is accepting all major Credit and Debit card types and funding is available in EUR or USD, but also in additional currencies. 16 Finland Country Profile

19 Citi Solutions and Services Liquidity Management Citi provides the following liquidity management solutions for clients to help maximise return on cash balances within local and foreign currency cash management operating accounts. Through Citi Finland clients can participate in the following: Domestic Target Balancing Cross-border Target Balancing Notional Pooling Cross-border Pooling (1) Same-Day, Overnight, Crossborder Sweeps Target Balancing/Zero Balancing With Citi s Target Balancing product, group treasurers get the best of both worlds. Surplus cash can be concentrated to maximise interest earned according to parameters set at the outset, while participating entities retain control over their funds during the day and operate their accounts in the normal way thereby retaining effective autonomy. Notional Pooling Notional pooling is permitted but is not widely used, as capital adequacy rules do not allow banks to offset net credit and debit balances. Finish entities may participate in a notional pooling structure in London. For accounts involved in pooling that are located in London, the right of set-off under English law for Finnish incorporated entities will apply. Local conditions as set out in Chapters 1 and 12 of Finnish Companies Act apply. Finland Country Profile 17

20 Citi Solutions and Services Investments Interest Bearing Deposits Citi Finland would support any investment needs through Citibank Europe or Citibank London. Term Deposits Citi Finland would support any term deposit needs through Citibank Europe or Citibank London. Netting Multilateral netting is allowed and settlement should be from local currencies for accounts with Citi. Citi s treasury business offers a wide range of investment vehicles for clients from Citibank London. Citibank Online Investments A web-based portal offers time deposit investments across 18 currencies and can be linked to accounts in 22 countries. In addition, it provides investment opportunities in spectrum of more than 90 institutional funds, including U.S. dollar denominated domestic (U.S. registered), off-shore (non-u.s. registered), tax exempt, tax efficient, government/treasury and non-dollar currency funds. Citibank Online Investments is available via single sign-on through both the CitiDirect BE Online Banking and TreasuryVision treasury management platforms. TreasuryVision TreasuryVision turns comprehensive forecast data into useful information. View forecasts at a global, regional or local level; by geography, business unit or legal entity; on a daily, weekly or monthly basis. It is a powerful and flexible tool providing users the ability to create a holistic forecast including data from banks, internal forecast and systems (e.g., ERP, TMS). Using customisable forecast templates, users can create short-, medium- and long-term forecasts and perform actual versus forecast comparisons. Cash forecasting analytics enable users to analyse all of their legal entity cash forecasts in a single, aggregated view across a variety of available parameters. 18 Finland Country Profile

21 Citi Solutions and Services Trade Services All Trade services for Finland Customers are supported from Citibank London. Citi s suite of supply chain solutions mitigate risk and enable our clients to have access to the short-term capital they need to make their business function. Our pioneering work in export and agency finance (EAF), for example, has filled a critical gap in credit during the recent slowdown illustrating our ability to ensure credit flows even in today s times. Our working capital solution sets cover both the internal Trade Finance and outside EAF finance options for firms and are available to both corporates and FIs, and these solutions are complemented by a range of Trade Services. All of these solutions are grounded in our core strengths: global coverage, expert customisation, client-responsive innovation, and unsurpassed execution. Citi offers a range of services from traditional letters of credit to our Open Account Trade Processing developing risk and working capital solutions that help corporations conduct, monitor, and control international commercial transactions as well as mitigate their associated risks: from issuing and paying letters of credit to handling settlement and administration of documentary collections. Other Trade Services include: Import Letter of Credit (L/C) Export Letter of Credit (Advising, Negotiation and Confirmation) Enhanced Open Account Importers and Exporters who regularly conduct business with each other can reduce the time and costs associated with letters of credit and documentary collections by taking advantage of Citi s efficient, electronic, data-enriched open account trade process. Citi not only effects payment for open account purchases, but also transforms and streamlines the entire reconcilement process between trading partners located virtually anywhere in the world. With Citi s Enhanced Open Account Trade Processing, clients benefit from our team s knowledge of local trade practices, regulations, market risks, and understanding of trade documents. Since we process a very high volume of trade transactions daily, we handle very cost effectively the straight-through processing of trade transactions. Trade Advisor Trade Advisor is a free online inquiry tool available as part of the functionality of CitiDirect BE Online Banking, providing all parties to trade transactions with information on the status of their transactions. Similar to courier delivery tracking applications, Trade Advisor lets our clients and their business partners and suppliers access summary information online using a transaction reference number. Finland Country Profile 19

22 Citi Solutions and Services. Trade Finance Guarantees (Performance and Financial) Risk Participation Documentary and Direct Collections Trade Outsourcing for Financial Institutions Channel-finance Export and Agency Finance (EAF) Long-term capital for CAPEX investments and financing cross-border trade flows ECAs and Partnering for Growth ECAs are government agencies that promote employment and growth in their home countries by encouraging exports of goods and services. They guarantee bank finance and supplier finance, and/or provide direct loans, transforming usually non-investment-grade borrowers to AAA/AA assets, allowing commercial lenders to extend financing for longer tenors and larger amounts than would otherwise be possible. Tied Financing Citi offers Tied financing directly linked to procurement of goods. This is an excellent option when goods are primarily sourced from one or two countries. Clients benefits from competitive pricing, longer tenors, diversified funding sources and visibility to future investors. Some ECAs also have programs to support the issuance and confirmation of Letters of Credit and risk converge for Guarantees. Untied Financing Citi can also provide finance that is generally linked to a new investment. This option is best used when goods are sourced from a multitude of countries. Benefits include pricing, which is generally at market terms, longer tenors (over 10 years in many cases) and can often be available in local currency. Citi Procure-to-Pay Developed and launched in late 2008, Procure-to-Pay is a new end-to-end financial supply chain automation solution in partnership with Ariba. This holistic proposition brings together the electronic invoicing and discount management engine of Ariba with Citi s core payments, trade finance, and commercial cards solutions, delivering increased operating efficiency and integrated supply chain management to our clients. Moreover, Procure-to-Pay is integrated with our Supplier Finance program described above, allowing suppliers to easily access this attractive source of liquidity 20 Finland Country Profile

23 Citi Solutions and Services Delivery Systems SWIFT Local Address: CITIFIHX Messages Time Limits: Messages are acted upon the same day Message Types accepted by Citi include Citi is able to receive MT103, MT200, MT202, MT203, MT205 and MT210, and to issue MT200, MT202, MT210, MT900, MT910, MT940, MT942 and MT950 payments, statements and advices. CitiDirect BE Online Banking CitiDirect BE Online Banking is the primary platform utilised by clients to manage both local and global cash management products and services, providing a direct window into Citi s global platform for cross-border payments. CitiConnect for Files A High Volume Transaction and Information Delivery Solution Through a single file solution clients can focus on primary business objectives while realising the efficiency advantages that payments outsourcing and centralisation provides. Your ERP/TMS system interface will deliver payment files to us via a global data communications gateway, known as CitiConnect for Files. Finland Country Profile 21

24 Notes 22 Finland Country Profile

25 Citi Transaction Services Citibank N.A. All rights reserved. Citi and the Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world. Citibank, N.A. is incorporated with limited liability under the National Bank Act of the USA and has its principal business office at 399 Park Avenue, New York, NY 10043, USA. Citibank, N.A. London branch is registered in the U.K. at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB under No.BR and is authorised and regulated by the Financial Services Authority in the United Kingdom. VAT No. GB Ultimately owned by Citigroup Inc., New York, USA.