Citigroup Expands Its WorldLink® Payment Services, Offering More Currencies Than Any Other Bank
Additional Enhancements Increase International Payment Service and Options
June 6, 2005, New York — WorldLink® Payment Services, Citigroup’s flagship cross-border payments product, has expanded to offer funds transfer capabilities in 30 additional currencies. Now offering service in 137 currencies, Citigroup has created an unparalleled platform among global banks.
Corporations, financial institutions and governments use WorldLink to make payments in multiple countries for everything from payroll, goods and services to taxes and shareholder dividends. They can also receive cross-border funds transfers with WorldLink.
As part of their efforts to improve their global treasury operations, create shared service centers and streamline treasury and foreign exchange transactions across their organizations, clients often integrate the WorldLink solution into their enterprise-wide systems. “Integrating WorldLink Payment Services gives clients more control over cash flows and foreign currency transactions on both a local and global scale, and can help minimize risk and secure more competitive foreign currency rates for them” said Dan Nagy, Managing Director, Citigroup® Global Transaction Services.
More, and Faster Payment Options
Additional enhancements to WorldLink Payment Services that give users more control and flexibility in making, cross-border payments include:
- Ability to make payments via ACH and GIRO: Users can make payments through local ACH (Automated Clearing House) and GIRO clearing systems, in addition to electronic funds transfers and remote (we print country-specific cheques) and on-site cheques (users print at their own location).
- Same-Day Funds Transfers: Same-day or overnight funds transfers are available in 21 currencies, providing a faster payment delivery and FX settlement alternative to the “standard” two-day service.
- Expanded Online Reporting: Online reporting, a WorldLink feature popular with users, allows them to view, print and download reports and statements via the Internet. Billing statement, cheque registers and various WorldLink reference materials also are available online.
Unlike other international payment offerings, WorldLink Payment Services is non-account based, which means that organizations that use the service do not have to open local currency accounts to use it. First offered 20 years ago, WorldLink today leverages Web-based platforms and the latest technology to process approximately 12 million cross-border payments, valued at over $430 billion, each year. Global Finance named Citigroup, based on the strength of offerings such as WorldLink, the Best Internet Bank in the world in 2004 and Best Bank for Treasury and Cash Management in 2005. The company also has received numerous awards from Euromoney and Treasury and Risk Management. For more information about WorldLink, visit www.transactionservices.citigroup.com.
Citigroup (NYSE: C), the leading
global financial services company, has some 200 million customer accounts
and does business in more than 100 countries, providing consumers,
corporations, governments and institutions with a broad range of financial
products and services, including consumer banking and credit, corporate
and investment banking, insurance, securities brokerage, and asset
management. Major brand names under Citigroup’s trademark red
umbrella include Citibank, CitiFinancial, Primerica, Smith Barney,
Banamex, and Travelers Life and Annuity. Additional information may
be found at www.citigroup.com.
Citigroup® Global Transaction Services is a leading provider of integrated cash management, trade, securities and fund services for corporations, financial institutions, intermediaries and governments around the world. With over $ 139 billion in average liability balances, more than $ 7.98 trillion in assets under custody and the largest proprietary branch network, Citigroup’s award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup® Global Transaction Services provides clients with access to Citigroup’s full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com.
Citigroup Global Transaction Services is part of Citigroup's Corporate and Investment Banking, which provides complete financial solutions to corporations, governments and institutional investors in more than 100 countries. Award-winning businesses include corporate and investment banking, sales and trading, transaction services, commercial finance and insurance products. Additional information can be found at: www.citigroupgcib.com