Money Transfer Industry Update - Citibank, Apple Pay, and Samsung Pay

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Marisa Fasciano
Content Specialist
Marisa is a communications consultant based in New York with a background in social research, diversity education, and nonprofit development.  She has lived and traveled abroad extensively… Read more

Citi Expands ACH Cross-Border Payment Capabilities

Citibank announced last week that its corporate customers can now make Automated Clearinghouse (ACH) payments to 10 new countries across the EMEA region (Europe, Middle East and Africa).  And the expansion will continue in the new year with an additional 9 corridors.  Through the affordable and convenient money transfers of its WorldLink Payment Services, Citi aims to open up new markets to customers.  “We are focused on delivering the power of Citi to our clients by building integrated global solutions that connect our clients to every part of our continuously expanding global payments network in an efficient and consistent manner,” stated Citi Treasury and Trade Solutions Global Head of Payments and Receivables Manish Kohli.

ACH is a popular method for cross-border payments to vendors and suppliers because it’s fast yet more secure than wire transfers.  Developed by the Federal Reserve Bank, the ACH clears money transfers in large batches on behalf of participating financial institutions.  A multi-year plan is underway by ACH’s regulatory body to speed up turnaround time, which will increase the appeal of this method still further.  Learn more about ACH payments and how they work.

Apple Pay Comes to Brazilians Who Wait

Some customers of Itaú Unibanco, a Brazilian bank headquartered in Sao Paulo, recently began receiving a terms and conditions document that references support for Apple Wallet.  This promising discovery suggests that there’s truth in the rumors that Apple Pay will soon be launched in Brazil.  Currently, when Apple Pay users attempt to add most Brazilian credit cards, they get an error message.  However, holders of the Itaú Visa Platinum Personnalité see the terms and conditions document instead.  Itaú Unibanco is reluctant to confirm the rumors as of yet:  “As soon as we have news we will post on our Twitter and Facebook pages. For now you must wait.”

Samsung Adds Money Transfer Feature to Samsung Pay in South Korea

Customers of two banks in South Korea, Shinhan and Woori banks, will soon be able to withdraw and transfer money from their bank accounts using Samsung Pay.  They will no longer need to brandish ATM cards when withdrawing cash or enter a one-time pass code when sending funds, because the new feature relies on Samsung’s Iris scanner to verify transactions.

This latest development illustrates Samsung’s drive towards innovation and increased adoption.  Samsung pay is currently accepted by most retailers in the US, without requiring them to sign up for a program or purchase new terminals (it works with the older magnetic strip POS systems), but it lags behind Apple Pay when it comes to the number of users.  A survey administered by PYMTS/InfoScout in June found that a quarter of respondents had tried Apple Pay, versus just 15 person who had tried Samsung Pay.  Samsung Pay is available on the Google Play Store.

 


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