29 July 2016
Find out more

Citi launches mobile collect service in Dominican Republic

19 February 2013  |  4709 views  |  0 Smartphone keypad

US bank Citi has launched a mobile money tool in the Dominican Republic that lets small-scale merchants pay suppliers through their handsets.

In the Dominican Republic, around two thirds of the approximately 80,000 neighbourhood grocery stores and other small businesses operate on a cash-only basis, says Citi.

Citi Mobile Collect - introduced with local firm GCS Systems and microfinance outfit Banco Adopem - is designed to help these firms, which are not yet part of the banking system, to pay suppliers who are Citi corporate clients through their handsets.

When a merchant receives a delivery the invoice and payments are settled via text message, with both parties receiving immediate conformation via SMS from Citi.

The bank argues that by replacing cash with its system, collections and reconciliation are streamlined, eliminating back-office cash handling and avoiding fraud and security issues.

Máximo Vidal, GM, Citi Dominican Republic, says: "We are offering providers a more efficient way to receive payment from their distributors, even in communities with low levels of banking, allowing them to expand their market."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Citibank India unveils mobile card acceptance system

Citibank India unveils mobile card acceptance system

22 January 2013  |  8013 views  |  0 comments | 9 tweets | 4 linkedin
Unbanked hungry for mobile money - study

Unbanked hungry for mobile money - study

23 October 2012  |  11010 views  |  0 comments | 16 tweets | 14 linkedin
Developing country lenders drive virtual banking revolution - EIU

Developing country lenders drive virtual banking revolution - EIU

12 September 2012  |  4849 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit www.abe-eba.euFind out more

Top topics

Most viewed Most shared
Groupe BPCE agrees to buy FidorGroupe BPCE agrees to buy Fidor
6983 views comments | 29 tweets | 47 linkedin
Telefonica Germany launches Fidor-backed mobile banking serviceTelefonica Germany launches Fidor-backed m...
6968 views comments | 16 tweets | 22 linkedin
hands typing furiouslyManaging Big Data After Brexit
6371 views 0 | 6 tweets | 8 linkedin
hands typing furiouslyBank of Pikachu? What does Pokemon Go mean...
5571 views 0 | 10 tweets | 9 linkedin

Featured job

Find your next job