Citigroup's WorldLink® Payment Services Launches New Cash Disbursement Option
WorldLink Cash – a new feature for simplified foreign currency payments and same-day cash payments
New York, New York, January 18, 2007 – Global Transaction Services, a business of Citigroup Corporate and Investment Banking, today announced enhancements to its global cross-border payment solution, WorldLink® Payment Services. This latest feature, WorldLink Cash, extends the unprecedented benefits of a single global platform for multiple payment methods for the universe of corporations, worldwide. WorldLink Cash does not require a payment beneficiary to have an account, allowing clients to make urgent, low-value cash payments immediately and cost-effectively.
With this new feature, WorldLink users can now disburse cash into 190 countries through a single window, funded through a single account in one currency, without having to maintain multiple local bank accounts. Sparing clients the costly maintenance of local currency accounts and foreign check production as well as the risk of fraud, WorldLink handles the payment process, end-to-end, and allows beneficiaries to receive their money quickly, securely and without the imposition of lifting fees.
Simplicity, Convenience and Cost-Effectiveness
Clients seek simple solutions for handling and integrating foreign currency payments. Citigroup has the payments expertise and global network to help them navigate the complexity of multiple country rules and regulations, and reduce hidden costs to stay competitive.
Bharat Sarpeshkar, Global Head of Payments, Citigroup Corporate and Investment Banking, said, " WorldLink is the most flexible, the most efficient and the only global one-stop shop for a non-account-based payment solution. Foreign bank accounts add complexity, fragmentation, risks and cost. WorldLink offers organizations simplicity and transparency-and is unique in its ability to simplify cross-border payments of all types, now including cash, conveniently and directly to virtually any part of the world."
WorldLink provides a robust, flexible cross-border payment solution for virtually any type of payment, such as supplier payments, international pensions, payroll, dividend, insurance claims, stock options, T&E and other cross-border payments-all through a single window. For over 20 years WorldLink has helped corporate, public sector and financial institution clients lower costs, enhance operating efficiencies and reduce risk. Worldlink Payment Services has worked with clients to continuously improve the solution to meet their changing needs.
Citigroup has an established reputation for innovation. Each year, WorldLink clients enjoy new services and expanded FX benefits. Today, clients are issuing payments via funds transfers in 138 currencies, by checks in over 30 currencies and Cross Border ACH in 11 currencies. Citigroup has enhanced its WorldLink Payment Services product as a direct response to the changing needs of its global clients, addressing cross-border payments needs to mobile, non-banked beneficiaries and even cases where the remitter does not hold the account details of a beneficiary. WorldLink clients gain a competitive advantage from a full suite of services with the flexibility to initiate virtually any type of payment, from cash to cashless, on one delivery platform:
- Cash-available in 190 countries and over 220,000 locations worldwide
- Electronic Funds Transfers-available in 138 currencies
- Remote Checks-available in 32 currencies
- On-site Checks-available in 16 currencies
- Cross Border ACH-available in 11 currencies to 21 countries
Sarpeshkar added, "Organizations initiating cross-border payments to multiple countries, can now use one payment solution for all currencies and payment methods. Our WorldLink clients are not only rationalizing international accounts with this streamlined payments process, but they are also gaining the advantages of greater control that comes with improved information transparency and reconciliation".
To learn more, visit Citigroup's WorldLink® Web site at www.worldlink.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, and Banamex. Additional information may be found at www.citigroup.com.
About Citigroup Corporate and Investment Banking
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients — our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.
WorldLink® Payment Services owned and operated by Citibank Europe plc, an Ireland-based and incorporated subsidiary of Citigroup, Inc.
© 2007 Citibank, N.A. WORLDLINK, Citigroup and the Umbrella Device are trademarks and service marks of Citigroup Inc. and its affiliates and are used and registered throughout the world.