CITI LAUNCHES GLOBAL ENTERPRISE PAYMENTS UNIT TO FOCUS ON INSTITUTION TO CONSUMER PAYMENT FLOWS
Paul Galant to Lead New Unit
Amsterdam, New York - October 27, 2010 – Citi today announced the creation of a new business unit - Global Enterprise Payments -- to develop comprehensive institution-to-consumer and consumer-to-institution payments solutions for the world’s largest global corporations and financial institutions, as well as governments. Global Enterprise payments represent a significant growth opportunity for Citi, in which it is well-positioned to be the industry leader.
Vikram Pandit, CEO of Citi said, "With our unmatched global footprint and services infrastructure, no one other than Citi can capitalize on the opportunities in the services area. Enterprise Payments is a natural intersection between our consumer and institutional businesses that will engineer innovative solutions for our clients."
The unit will be led by Paul Galant, who will serve as CEO and will leverage Citi’s industry leading services from its Global Transaction Services (GTS) and Citi Cards businesses. He will work in partnership with Francesco Vanni d’Archirafi, CEO of GTS and Jud Linville, CEO of Citi Cards to ensure that the collective power of both franchises are represented in this critical effort. With his deep knowledge of both institutional and consumer payments, Paul will wield Citi’s industry-leading wholesale and retail payment capabilities across regions and organizations globally.
Paul Galant, CEO of Global Enterprise Payments said, "This is an exciting new opportunity for Citi that will significantly benefit our institutional clients. By developing services that enable our clients to interact more efficiently with their customers, we will create incremental revenue opportunities for both our clients and for Citi."
Today, most institutions have outsourced the transactional capability between themselves and consumers to other entities including technology companies and branded network companies. Commenting on this trend, Galant added," As digitization continues to take hold, there is a migration from physical currency to digital currency. The information flows, the loyalty and the opportunity to target gets lost through all of these different hub points of connectivity between the ultimate service provider and the consumer. This is where Citi can really add value."
Prior to this, Paul was the CEO of Citi Cards where he led the NA Branded Cards and International Cards businesses through a period of massive industry and regulatory change, significantly enhanced its innovation pipeline and prepared the business for future growth. Previously he was CEO of the Global Transaction Services business (GTS).
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, 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. Additional information may be found at www.citigroup.com or www.citi.com.