Citi and PayPal partnership reaches institutional payments
by Ben Poole
Citi and PayPal have expanded their partnership to enable Citi’s institutional clients to make payments into customers’ PayPal digital wallets. The extended partnership brings together Citi’s large global network and client base of multinational corporations, financial institutions, and public sector organisations and PayPal’s two-sided network of businesses and consumers.
Citi clients will now have the added option of being able to pay directly into PayPal digital wallets via Citi’s WorldLink cross-border payments platform. As a result, clients will gain greater payment choice, flexibility, and speed when making global payments. PayPal customers will benefit by receiving associated funds fast, directly into their PayPal digital wallets.
“Mobile and digital wallets are becoming increasingly important alternative payment methods for our clients as they respond to changing consumer payment preferences," said Manish Kohli, global head of Payments and Receivables at Citi’s Treasury and Trade Solutions. "The growing digitisation of our personal, professional and business experiences calls for ubiquitous and frictionless means of payment. Combining Citi's cross-border capabilities with the truly digital and seamless client experience delivered by PayPal will enable our clients to pay from anywhere to anywhere instantly, meeting their evolving needs.”
The two firms say their payment partnership highlights a shared vision to create a large interconnected ecosystem of global businesses and consumers that can make and receive fast, flexible and secure payments for commerce. Both Citi and PayPal have developed the partnership with the goal of making payments as simple and digital as possible, while offering choice and flexibility for customers at all times. Starting in the first quarter of 2020, Citi clients will be able to make payments into PayPal wallets globally in more than 200 markets.
“Consumers are increasingly turning to mobile devices and digital wallets to manage and move their money," said Jim Magats, head of Global Payment Product and Engineering at PayPal. "At the same time, we’re seeing global financial institutions, corporate enterprises and public sector entities needing more flexible ways to deploy payments. This expanded partnership between Citi and PayPal will help drive increased payment choice, convenience and speed for our shared customers.”
WorldLink, Citi’s institutional cross-border payments solution, serves more than 3,500 clients in over 195 countries. WorldLink uses Citi's network, branch presence and the bank’s direct access to approximately 250 local and regional clearing systems. PayPal is available in over 200 markets, has 300 million accounts and allows customers to send, receive, and hold funds in 25 currencies worldwide.
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