CITI AND THE STATE OF CALIFORNIA LAUNCH THE LARGEST ELECTRONIC STATE TAX COLLECTION PLATFORM IN THE UNITED STATES
New York - December 17, 2009 – Citi’s Global Transaction Services (GTS), a business unit of the leading financial services company, announced it has completed the roll-out and implementation of the Electronic Funds Transfer (EFT) solution for tax and bill collection services under a multi-year contract to 11 agencies across the State of California.
Using advanced web, Interactive Voice Response (IVR), and payment services, this EFT solution provides improved functionality and service for taxpayers while streamlining the California State Treasurer’s Office tax and bill collection services to provide significant operational cost savings for the 11 agencies participating in this initiative. With up to 3 million ACH/wire transactions per month, Citi’s solution for the State of California is the largest electronic state tax collection platform in the United States.
The EFT solution will offer California taxpayers and businesses added value, efficient and secure method for making payments to the State of California. "Individuals and businesses of all sizes now have an upgraded technology platform, which can deliver robust and innovative payment services with increased functionality, while providing efficient and safe payments processing system for all participants 24 hours a day, 7 days a week, using their existing banking services or the State of California website to make payments to the State" said Mark Hariri, Director of Cash Management for the State of California.
Among the 11 state agencies participating in this initiative include: Board of Equalization (BOE), Department of Motor Vehicles (DMV), Department of Justice (DOJ), Department of Veterans Affairs (DVA), Employment Development Department (EDD), Franchise Tax Board (FTB), California Public Employees Retirement System (CalPERS).
To address the diverse and complex needs of the various state agencies participating in this initiative, Citi partnered with Fidelity Information Services (FIS), a leading provider of electronic payment processing systems for federal, state and local government agencies through its FIS Pay Direct - Government business. Together, Citi and FIS developed a customized, end-to-end platform for processing electronic payments. FIS also provides 24/7 web-based and operator assisted customer support for the State of California using the EFT solution.
"A key element of Citi’s tax and revenue collection product offering is our ability to create a scalable solution, customized to meet the requirements of both large and small California State Agencies. Our understanding of the needs of each participating agency, and leveraging Citi’s flexible, global technology platform helped us drive greater efficiencies and achieve cost savings for the participating agencies." said Bill Borden, State and Local Head, GTS.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. 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.
About Citi Global Transaction Services
Global Transaction Services, a division of Citi’s Institutional Clients Group, 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 that spans more than 100 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2009, it held on average $288 billion in liability balances and $11.1 trillion in assets under custody.
FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in more than 90 countries worldwide. FIS provides financial institution core processing, and card issuer and transaction processing services, including the NYCE Network. FIS maintains processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10. FIS is a member of Standard & Poor’s (S&P) 500® Index and consistently holds a leading ranking in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS employs approximately 30,000 on a global basis. FIS is listed on the New York Stock Exchange under the "FIS" ticker symbol. For more information about FIS see www.fidelityinfoservices.com.