LONDON--(BUSINESS WIRE)--October 17, 2011
Citigroup today announced that its Global Transaction Services unit is expanding its premier cross-border payment solution, WorldLink® Payment Services (WorldLink), into eight new countries for local payments.
This expansion sees the traditional Automated Clearing House (ACH) offering increase from 21 countries, primarily in Europe, to 29 countries spanning Europe, Africa, Asia and the Americas. As part of the continuous improvement to WorldLink, file based clients can now benefit from this expanded currency offering for local payments.
Key additions to the WorldLink suite of countries for the ACH offering now include Brazil, Dominican Republic, Israel, Jamaica, Morocco, South Africa, Trinidad & Tobago and Tunisia.
This increase in ACH country availability further establishes WorldLink as having the largest currency suite available across the widest array of payment types for cross border payments in the market. WorldLink offers in excess of 130 currencies in Funds Transfers, ACH, Mass Pay, Remote Checks, On-Site Checks and Cash to over 180 countries worldwide.
In September 2011, WorldLink announced enhancements to the exotic currency offering. These enhancements coupled with our extended ACH offering firmly place WorldLink as a market leader, continuing to stay ahead of the curve for exotic and emerging market payments.
Michael Vallance, Global Head of WorldLink Payment Services at Citi, says “We continue to see increasing client requirements for a larger focus on local currency payments, especially in emerging and developing markets. Thanks to Citi’s global network, local presence and WorldLink’s long history of cross-border payment execution we have been able to quickly refine and optimize our offerings to meet our clients’ ever-changing needs.”
Citi’s WorldLink® Payment Services has been operating for over 27 years. These services successfully enable Citi’s clients to issue payments in more than 130 currencies, by leveraging an existing network of over 225 partner relationships and accounts. WorldLink makes over 30 million payments annually with a value of almost 900 billion US Dollar equivalent. The WorldLink solution is a convenient non-account-based product, offering multicurrency payment solutions for corporations, financial institutions and public entities. Supporting over 4,000 currency pair conversions, WorldLink provides transparent flexible foreign exchange options which are bundled with the most comprehensive distribution network of any international cash management service provider globally.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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About Global Transaction Services
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.