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Citi expands Worldlink® Payment Services’s cross-currency capabilities

Citi Treasury and Trade Solutions (TTS) has significantly enhanced WorldLink® Payment Services’ cross-currency payment capabilities with:

  • expanded ACH offering, almost double the number of same day and next day available currencies
  • strengthened exotic currency offering
  • increased global access to 140 currencies .

To enable corporate clients to make recurring low value, high volume payments to key markets and to access global markets quickly,  Citi has expanded WorldLink low value cross border offering (ACH) to include India, Mexico and Poland and making available 13 additional funds transfer currencies for same day and / or next-day settlement.

Also WorldLink has:

  • increased the ease of making payments into Malaysia, Haiti and Bermuda with faster settlement times and more efficient execution
  • added Aruban Florin, Congolese Frank, São Tomé and Príncipe–Dobra and Turkmenistani Manat as new funds transfer currencies
  • added Kuwaiti Dinar as an available funding currency
  • recently introduced developments to ensure SEPA readiness by February 2014 for clients.

Morgan McKenney, Global Head of WorldLink Payment Services at Citi said: “At Citi, given the scale, breadth and expertise of our foreign exchange and payments capabilities globally, we can truly work with clients to power their business and enable their global flows.” While Karin Flinspach, Head of Payments and Receivables for Europe, Middle East and Africa at Citi  added: "WorldLink’s capability expansion brings our clients smarter, faster and more efficient cross-currency payments solutions and this innovation is enabled by Citi’s global reach, expertise, and network.”

Multi-channel global payment services for the large MNCs, who operate in many countries/regions, is where the real growth in payment systems is. All the major banks are radically improving their services to tackle this market and gain market share. Citi, the leader, is having to invest heavily world-wide to keep ahead and will need to continue to do so. The vital differentiator in this market is not just the number of countries, systems and currencies covered, but the quality and consistency of service around the world.

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