AGRICULTURAL BANK OF CHINA PARTNERS WITH CITI FOR INTERNATIONAL PAYMENTS
HONG KONG - September 14, 2009 – Citi's Bank Services Group, a division of Global Transaction Services, has announced a partnership with Agricultural Bank of China. Under the landmark mandate, Citi will provide the Agricultural Bank of China with international payments processing for on-site check services that enable expansion of its banking services to consumer clients.
For Agricultural Bank of China, the partnership will support check payments for 16 different currencies from a single Citi account. Aside from improving operational efficiency, Citi's on-site check solution will provide Agricultural Bank of China with fraud prevention upgrades, 24-hour foreign exchange capabilities, and daily foreign exchange spot rates. All checks issued through Citi's solution will be customized with Agricultural Bank of China's corporate logo.
Agricultural Bank of China chose Citi because of its robust payments solution features and vast international network. Citi has served as Agricultural Bank of China's US Dollar Clearing provider. By winning this important mandate from one of China's "big four" state-owned banks. Citi has extended its footprint in providing international payments services to Asia Pacific's leading and most visible financial services firms.
The partnership between Citi and Agricultural Bank of China has deepened as the bank expands its consumer banking business to meet the growing demands of customers travelling overseas. Initially, Agricultural Bank of China plans to roll out the on-site check solution in 15 branches throughout China, followed by a nationwide launch in the near-term future.
Akash Rathke, Managing Director, Regional Head of Bank Services and Public Sector Group, Asia Pacific, Citi said: "Agricultural Bank of China has demonstrated its commitment to the present and future needs of its consumer clients by partnering with Citi. We are proud to partner with such a progressive bank, which further solidifies Citi's unrivaled position in providing international payment processing to Asia Pacific's leading financial institutions."
Citi's International Payments Processing helps banks and corporations to streamline the issuance of paper-based and electronic payments to parties around the world and automate the related foreign exchange. The non-account based solution enables cross-border payments in over 135 currencies via SWIFT or Citi's award-winning electronic banking platform, CitiDirect®. International Payments is also available in a white label package for banks to offer as a service to their corporate clients.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, 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, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.