Citi Global Transaction Services has signed a reciprocal deal with EFT vendor Fundtech designed to streamline international funds transfer processing for correspondent banks.
Under the agreement, Citi will utilise Fundtech's PayPlus system to enable US banks to make cross-border payments in multiple currencies.
In return, Fundtech clients will be able to tap into Citi's extensive, global presence in the cash management market for international payments processing.
Jordan Graham, managing director of North American business development for Citi's Global Transaction Services Division, says: "Our joint offering reduces the need for banks to operate multiple payment systems and correspondent banking relationships, by leveraging Citi's global network to quickly and cost effectively transfer funds internationally. Instead of maintaining accounts in multiple currencies at a number of correspondent banks, Fundtech's clients can work seamlessly through Citi, a trusted global financial institution."