Citi releases white label remittance platform

Citi releases white label remittance platform

Citi has released QuikRemit, a white-label remittance platform previously supplied by money transfer outfit PayQuik, which was acquired by the US bank in January.

The QuikRemit platform can be used for both online and in-branch remittances and has distribution and foreign exchange capabilities spanning more than 90 countries.

Citi says banks, corporations and money transfer firms can use the platform to offer customers and employees a secure and compliant service for international funds transfer.

The US bank acquired the technology when it bought out remittance outfit PayQuik - which provides services to banks, credit unions and money transfer operators - for an undisclosed sum last month.

Paul Galant, CEO of Citi's global transaction services business, says Citi has offered global remittance services to clients since 2006 and this launch "will accelerate our growth in a strong and dynamic market".

"The remittance market, traditionally dominated by money transfer organisations, is seeing increased participation by banks who can offer a wide distribution network and a safe, secure and private service," says Galant. "Citi's QuikRemit Service enables financial institutions and corporations to offer these benefits to their clients."

The US bank cites Aite Group's March 2007 report which suggests that global remittance volumes will reach $5 trillion by 2010.

Citi is one of a number of financial institutions that has sought to cash in on the remittance opportunity.

In particular, a number of firms - including Visa, Wells Fargo, Bank of America and HSBC - have moved to tap into the Latin American money transfer business and have launched services aimed at the Hispanic community in the US.

Meanwhile money transfer operator Western Union and MasterCard are working on separate projects with GSMA - an international trade group of mobile phone operators - to develop the commercial and technical specifications for global mobile remittance services.

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