Citi’s Treasury and Trade Solutions (TTS) has announced that it is entering into additional partnerships to support the development of its forthcoming consumer payments offering for institutional clients - Spring by Citi. The bank will incorporate Global Payments’ card processing solutions and PPRO’s access to local payment methods within its holistic offering. Citi says that the addition of these partners support its strategy of building a comprehensive consumer payments solution, integrated with its transaction banking proposition.
Announced earlier this year, Spring by Citi will enable digital commerce for clients by extending Citi’s presence and capabilities offered to institutional clients. Leveraging the Mastercard payment gateway, the solution will offer institutional merchants the ability to collect from a wide range of payment methods including cards, e-wallets and innovative bank transfers such as Request to Pay, Instant Payments and Open Banking. In turn, their customers will have access to a wide variety of payment methods of their choice.
“These partnerships are core to our building an end-to-end offering of transaction banking services, centralised under a single relationship and supported by fintech partners that accelerate the delivery of innovative solutions," said Manish Kohli, global head of Payments and Receivables at Citi Treasury and Trade Solutions. "It is another significant step towards our goal of delivering Spring by Citi - a client-driven solution that will benefit both our clients and our clients’ customers.”
Citi says that institutional merchants are looking for secure and reliable solutions that are functionally rich to build lasting relationships with customers. They are also looking for global consistency and are continuously seeking ways to enhance payments acceptance, drive revenue and lower costs.
Spring by Citi’s mission is to help customer-centric institutions build seamless experiences that increase sales conversion while mitigating risk. To that end, the solution brings together varying objectives of corporate treasury, payments and the business, delivering value to each part of their organisation.
Citi’s partnership with Global Payments will help institutional clients increase payments acceptance and optimise local card processing. Global Payments is known for simplifying commerce through their global reach, local market expertise and payments solutions that position clients for growth.
“We see tremendous client value in joining Citi’s transaction banking proposition with Global Payments’ Unified Commerce Platform, said Jeff Sloan, CEO of Global Payments. "This partnership will provide market-leading innovation to create a frictionless payment experience for Citi’s multinational clients.”
Spring by Citi will expand consumer’s payment options to non-bank channels by partnering with PPRO to provide single-window access to a growing number of local payment methods across the world.
“While commerce has become more global, payments have become increasingly local," said Simon Black, CEO of PPRO. "Delivering centralised access to local payment methods on a global scale helps Citi, and in turn their clients, reach more consumers.”
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