Citi and PayPal Extend Partnership to Institutional Payments
December 16 2019 - 10:00AM
Business Wire
Citi Treasury and Trade Solutions Enables
Payments into PayPal Digital Wallets, Expanding Customer
Choice
Citi (NYSE: C) and PayPal (NASDAQ: PYPL) have expanded their
partnership to enable Citi’s institutional clients to make payments
into customers’ PayPal digital wallets. The extended partnership
brings together Citi’s large global network and client base of
multinational corporations, financial institutions, and public
sector organizations and PayPal’s vast two-sided network of
consumers and businesses, delivering more choice and flexibility to
Citi and PayPal customers.
Citi clients will now have the added option of being able to pay
directly into PayPal digital wallets via Citi’s WorldLink
cross-border payments platform. As a result, clients will gain
greater payment choice, flexibility, and speed when making global
payments. PayPal customers will benefit by receiving associated
funds fast, directly into their PayPal digital wallets.
“Mobile and digital wallets are becoming increasingly important
alternative payment methods for our clients as they respond to
changing consumer payment preferences. The growing digitization of
our personal, professional and business experiences calls for
ubiquitous and frictionless means of payment,” said Manish Kohli,
Global Head of Payments and Receivables at Citi’s Treasury and
Trade Solutions. “Combining Citi's cross-border capabilities with
the truly digital and seamless client experience delivered by
PayPal will enable our clients to pay from anywhere to anywhere
instantly, meeting their evolving needs.”
Citi and PayPal’s payment partnership highlights a shared vision
to create a large interconnected ecosystem of global businesses and
consumers that can make and receive fast, flexible and secure
payments for commerce. Both Citi and PayPal have developed the
partnership with the goal of making payments as simple and digital
as possible, while offering choice and flexibility for customers at
all times. Starting in the first quarter of 2020, Citi clients will
be able to make payments into PayPal wallets globally in more than
200 markets.
“Consumers are increasingly turning to mobile devices and
digital wallets to manage and move their money. At the same time,
we’re seeing global financial institutions, corporate enterprises
and public sector entities needing more flexible ways to deploy
payments,” said Jim Magats, Head of Global Payment Product and
Engineering at PayPal. “This expanded partnership between Citi and
PayPal will help drive increased payment choice, convenience and
speed for our shared customers.”
WorldLink®, Citi’s flagship institutional cross-border payments
solution, leverages the latest technology and serves more than
3,500 clients in over 195 countries. WorldLink® uses Citi's
extensive network, on-the-ground branch presence and the bank’s
direct access to approximately 250 local and regional clearing
systems. PayPal is available in over 200 markets, has 300 million
accounts and allows customers to send, receive, and hold funds in
25 currencies worldwide.
Citi Treasury and Trade Solutions (TTS) helps enable clients'
success by providing an integrated suite of innovative and tailored
cash management and trade finance services to multinational
corporations, financial institutions and public sector
organizations across the globe. Based on the foundation of the
industry's largest proprietary network with banking licenses in
over 90 countries and globally integrated technology platforms, TTS
continues to lead the way in offering the industry's most
comprehensive range of digitally enabled treasury, trade and
liquidity management solutions.
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. 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 http://www.citigroup.com
| Twitter: @Citi | YouTube: http://www.youtube.com/citi | Blog:
http://blog.citigroup.com/| Facebook: http://www.facebook.com/citi
| LinkedIn: www.linkedin.com/company/citi.
About PayPal
PayPal has remained at the forefront of the digital payment
revolution for more than 20 years. By leveraging technology to make
financial services and commerce more convenient, affordable, and
secure, the PayPal platform is empowering 300 million consumers and
merchants in more than 200 markets to join and thrive in the global
economy. For more information, visit paypal.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20191216005144/en/
Citi Nina Das +1 212-816-9267 Nina.Das@citi.com
PayPal Grace Nasri +408-750-4290 Gnasri@paypal.com
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