Citi to Build Digital Consumer Payments Business for Institutions
March 26 2019 - 7:53AM
Business Wire
New Digital Offering will use Mastercard
Payment Gateway Services
Citi’s Treasury and Trade Solutions (TTS) is developing a new
business line for consumers to make digital payments to
institutions. This is part of TTS’s overall strategy to enable
digital commerce for clients and extend its significant presence
and capabilities beyond the wholesale payments space. Under this
umbrella, a new planned service will be made available to offer
institutional merchants the ability to collect from a wide range of
payment methods including cards, e-wallets and new and innovative
bank transfers such as Request to Pay and Open Banking -- as they
gain traction. In turn, their consumers will have access to a
wide variety of payments methods of their choice.
As part of this new digital consumer payments business, Citi has
chosen Mastercard Payment Gateway Services, which is integrated
with numerous acquirers and e-wallets globally. Additionally,
Citi will enable connectivity with its proprietary transaction
services and FX businesses to further enhance the offering. Citi
has expanded its global payments network by establishing direct
connections to new instant payment schemes in over 20 countries and
is continuing to invest in these connections globally. As an
example, Citi was the first corporate bank to connect to Open
Banking in the United Kingdom.
“Our mission is to power frictionless payment acceptance with
nimble technology. We want to extend our leadership beyond the B2B
payment space by developing capabilities to enable institutions to
collect from consumers in a globally consistent and seamless
fashion,” said Naveed Sultan, Global Head of Citi’s Treasury and
Trade Solutions.
Benefits:
Institutions will gain more visibility into the end-to-end
transaction lifecycle, allowing them to focus on their business
operations and growth; consumers will benefit from payment ubiquity
through a localized payment experience. Institutions will have
access to Citi’s payment network through a single platform,
leveraging the strength of Citi’s on-the-ground presence, in-market
expertise and relationships with payment providers. The solution is
acquiring-agnostic providing institutions the opportunity to bring
their existing acquiring connections onto the gateway. Citi’s
direct memberships in over 250 clearing systems will help
institutions more efficiently optimize end-to-end transaction
services, from consumer payments to global disbursements. Citi is
also collaborating with leading fintechs to incorporate up to 140
alternative payment methods into the service.
“The partnerships that we have established will allow us to
accelerate the delivery of a progressive and innovative solution.
Today, we see our institutional clients using many different
providers and having to piece together the solutions they are
seeking. Citi’s ability to be a single holistic provider for
transaction services is what makes this approach unique,” said
Manish Kohli, Global Head of Payments and Receivables, Treasury and
Trade Solutions, Citi.
Increasingly, established multinational institutions looking to
become more digital, and digital natives are requesting the ability
to have a single global window for all their consumer payments.
“This is a new and rapidly growing space and we have taken a very
comprehensive and innovative approach which we believe will
position Citi as a leader among both existing and new market
participants,” Kohli added.
The Mastercard solution offers a global payment platform with
180+ acquirers already integrated, simplifying the onboarding
experience. Citi chose to leverage Mastercard Payment Gateway
Services to combine the assets of both companies to bring a
comprehensive solution to the market.
“Every institution wants to focus their time on providing their
customers with the best experience or the best product. Our trusted
technology helps them do just that. We are excited to work with
Citi and their leading transaction services business. As they
integrate Mastercard Payment Gateway Services, they’re making the
whole process simpler for Citi’s institutional clients to accept
payments from anywhere in the world and continue growing their
businesses,” said Michael Miebach, Chief Product Officer,
Mastercard.
Citi Treasury and Trade Solutions (TTS) enables its 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's most
comprehensive range of digitally enabled treasury, trade and
liquidity management solutions.
About Citi: Citi, the leading global bank, has
approximately 200 million customer accounts and does business in
more than 160 countries and jurisdictions. Citi provides consumers,
corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and
credit, corporate and investment banking, securities brokerage,
transaction services, and wealth management. Additional information
may be found at www.citigroup.com |
Twitter: @Citi |
YouTube: www.youtube.com/citi |
Blog: http://blog.citigroup.com |
Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi
About Mastercard Payment Gateway Services,
www.mastercard.com/gateway, is part of
the Mastercard family, offering advanced payment processing and
fraud prevention technology to merchants, technology partners and
acquirers. The Gateway technology enables consumers to pay for
goods and services in the way they want, in a fast, reliable and
secure manner.
Customers use the Gateway in order to benefit from new
commercial opportunities and meet clients’ needs across new
channels and markets. Follow Mastercard Payment Gateway Services on
Twitter @Mastercard_PGS and LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20190326005516/en/
Media:
Citi: Nina Das 212-816-9267 nina.das@citi.com
Mastercard: Seth Eisen 914-249-3153
seth.eisen@mastercard.com
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