- Citi to change its WorldLink Payment Services Platform to help clients get access to more currencies and to work in more economies around the world
- Clients will also be able to use data generated by the platform as a way to get more data and to increase transparency
- “Citi is a leader in the trade and payments space, and we are harnessing the synergies and strength of our WorldLink platform to deliver more choice and increased efficiency to our clients,” says Citi spokesperson
Well-known global financial services institution Citi has announced that it will upgrade its WorldLink cross border payments service.
As part of the upgrade, WorldLink – which is an institutional international money transfer system – will be able to work in 195 nations around the world.
It will also be able to work in over 145 currencies.
When a Citi customer goes to use the new service, they will find themselves faced with two different platforms – and choose which one they want to use.
They will then be able to use it settle bills, and also to conduct transactions with their suppliers in a preferred, chosen currency.
In addition to these payment features, it will also become possible for clients to use the Supplier Finance system to add suppliers to their system electronically.
As part of this development, clients will be able to enjoy increased transparency and visibility around their programme reporting.
According to Citi TTS’ global head of trade, John Ahearn, the new move will provide “centralised access”.
“Now more than ever, institutional clients are faced with challenges and the complexity of paying their suppliers around the world while ensuring working capital is effectively utilised,” he said.
“By providing centralised access to these two digital solutions, we are able to give our clients a seamless and efficient process to help manage their supplier finance needs.”
And in addition, Citi TTS’ global head of payments and receivables – Manish Kohli – pointed out that Citi is a “leader in the trade and payments space”.
“As institutions increasingly become global and source goods from suppliers internationally, it is important for banks to support their clients with comprehensive supply chain finance and global payments solutions,” he said.
“Citi is a leader in the trade and payments space, and we are harnessing the synergies and strength of our WorldLink platform to deliver more choice and increased efficiency to our clients,” he added.
Citi is part of Citi Group, and it offers a large range of institutional financial services to a range of clients.
It also offers both wholesale and consumer banking products.
According to its own figures, it provides “cash management and trade solutions to 90 percent of Global Fortune 500 companies” and has trading floors in over 75 markets across the globe, as well as a range of other offices.
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