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Citi to Build Digital Consumer Payments Business for Institutions

Tuesday, April 9, 2019   (0 Comments)
Posted by: Terri Brustad

New Digital Offering will use Mastercard Payment Gateway Services

NEW YORK—March 26, 2019—(Mastercard)—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.

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