Citi opens India desk for Express Wire
30 October 2012 | 1404 views | 0
Citi, one of the premier providers of cross-border payments, announced today that it is further extending its US Dollar Express Wire for Asia services by launching Express Wire India Desk.
Citi's Express Wire for Asia Service helps streamline the execution of US Dollar payments by sending transactions to the beneficiary bank in Asia expediently. If a payment order requires repair, Citi's experienced operations professionals are available to correct formatting errors on a timely basis. Express Wire also provides additional liquidity to banks that need to process their payments within Asia morning business hours, as well as direct linkages into local US Dollar Clearing systems.
Citi launched a dedicated China Desk to expedite Asian payments in 2010. Given expanding trade relationships between India and the rest of the world, the need for more effective payment solutions into India has increased. Complex banking systems and infrastructures can be challenging for counterparties who are seeking to do business in new and unfamiliar markets. Citi's new Express Wire India Desk provides local expertise and improved access, to help expedite payments into India.
"Citi has an unparalleled global network. We are able to harness the local knowledge and expertise found with colleagues who operate in more than 100 countries around the world and bring that value to our clients with programs such as Express Wire, and specialized 'desks' that offer services relevant to a particular market. Our clients can leverage Citi's in-depth knowledge and understanding of how to do business most efficiently in foreign markets," said Vanessa Lin, Head of USD Clearing at Citi Transaction Services.
By using Citi's Express Wire for Asia Program, Citi's clients have access to a larger network of local and regional clearing channels, with the added ability to request that payments be routed through a specific clearing system. In addition, local support enables foreign banks to conduct their business seamlessly, with direct access to the experts on the ground.
Citi 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 95 countries, Citi's Transaction Services supports over 65,000 clients. As of the third quarter of 2012, it held on average $415 billion in liability balances and $12.8 trillion in assets under custody.