Citi Launches New QuikRemit Service Follows Purchase of PayQuik, Aims to Grow Payment Services
New York, February 6, 2008 - Citi today announces the launch of QuikRemit, a white labeled, customizable and easy to integrate remittance platform with distribution and foreign exchange capabilities in more than 90 countries. QuikRemit enables banks, corporations, and money transfer organizations to offer their customers and employees an easy-to-deploy, secure and compliant solution for international funds transfer.
The QuikRemit service was previously offered by PayQuik, a premier provider of money transfer solutions to banks, credit unions and money transfer organizations, which was acquired by Citi in January 2008.
"The launch of QuikRemit demonstrates our continued commitment to be the leading provider of the full range of payments services," said Paul Galant, CEO of Citi's Global Transaction Services business. He continued, "At Citi, we have offered global remittance solutions to our clients since 2006, and this launch will accelerate our growth in a strong and dynamic market in which we can provide significant value to our clients."
QuikRemit, which offers models for direct, on-line remittances as well as in-branch agent remittances, joins Citi's world-class payments portfolio that includes services such as WorldLink.
The PayQuik team joined Citi earlier this month, bringing more than 60 years of combined deep domain expertise in the financial services and technology industries, an attractive client base, and a best-in-class technology platform.
Bhairav Trivedi, Global Head of Remittance Services at Citi, and previously CEO of PayQuik said, "We're excited and pleased to launch QuikRemit — now as a part of Citi's portfolio of payment solutions. We have deep experience in this market and a winning combination of solutions and global access — all key ingredients for success.”
"As the average value of remittances continues to increase, senders want to ensure that their money is safely reaching their destinations. The remittance market, traditionally dominated by money transfer organizations, is seeing increased participation by banks who can offer a wide distribution network and a safe, secure and private service. Citi's QuikRemit Service enables financial institutions and corporations to offer these benefits to their clients," commented Paul Galant, CEO of Citi's Global Transaction Services. According to Aite Group's March 2007 report, global remittance flows are expected to reach volumes of 1/2 trillion USD by 2010.
Global Transaction Services, a division of Citi Markets & Banking, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network spanning over 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the 4th quarter of 07, it held on average $245 billion in liability balances and $13.1 trillion in assets under custody.
Citi, 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, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
Certain statements in this document are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup’s filings with the Securities and Exchange Commission.
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