Citigroup will develop a consumer payments offering that will enable payments made directly to institutions through a variety of methods.
Some of the methods include cards, e-wallets and bank transfers.
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Furthermore, Citi Treasury and Trade Solutions (TTS) unit will develop the new consumer payments business.
The bank has tapped Mastercard Payment Gateway Services for its latest offering. The Mastercard Services is already available with several acquirers and e-wallets worldwide.
Citi plans to further improve the service by facilitating connectivity with its transaction services and FX businesses.
Citi consumer payments platform
The bank has also formed direct connections to new instant payment schemes. These schemes are present in more than 20 countries. This will allow the company to expand its global payments network. It intends to continue such investments.
Citi global head of Treasury and Trade Solutions Naveed Sultan said: “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.”
The bank noted that the payments offering will provide more visibility into the end-to-end transaction lifecycle for institutions, while consumers will benefit from payment ubiquity via a localised payment experience.
Its direct memberships in more than 250 clearing systems are expected to enable more efficient optimisation of end-to-end transaction services, including consumer payments and global disbursements.
Citi is also working on partnerships with fintechs in order to bring up to 140 alternative payment methods to its service.
Institutions will be able to access Citi’s payment network through a single platform.
Treasury and Trade Solutions global head of payments and receivables Manish Kohli noted: “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.”
