Citigroup Global Transaction Services has unveiled a modular set of white label transaction processing services for the banking industry, covering payments and collections, foreign exchange dealing and clearing, securities trading and clearing, sub-custody and agency treasury.
Citi says the Borderless Banking initiaitive allows banks to expand their product range, re-engineer their delivery infrastructure and extend their geographical network by drawing on Citigroup's worldwide capabilities and local presence - all on a white-label basis.
Citi says many of products on offer under the package break new ground, pointing in particular to its forthcoming Single Nostro account which allows banks to make payments and collections in more than 45 currencies through a single account in the base currency of their choice.
Tom Isaac, managing director of Citigroup Global Transaction Services, comments: "Banks gain from the ability to add new products or services, extend their market reach, or cut costs and forward investment commitments."
In a separate announcement, Citigroup has inked a private label trade processing deal with Spanish savings bank organisation, Confederacion Española del Cajas de Ahorros (Ceca). The agreement covers Ceca's Asian letters of credit, which will be processed by Citibank's outposts in the region.