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Citi moves into consumer payments business

Citi moves into consumer payments business

Citi is making a play for the fast-growing consumer digital payments sector, building a service that lets merchants collect from a host of methods including cards and e-wallets.

As it looks to expand beyond the wholesale payments space, Citi's Treasury and Trade Solutions (TTS) unit will tap into the Mastercard Payment Gateway Services - which is already integrated with a host of acquirers and e-wallets around the world - for the new venture.

Citi will also enable connectivity with its proprietary transaction services and FX businesses to boost the offering. The bank has been busy expanding its global payments network by establishing direct connections to new instant payment schemes in over 20 countries.

Pitching its new service, the bank says that institutions will gain more visibility into the end-to-end transaction lifecycle. Meanwhile, consumers will benefit from payment ubiquity through a localised payment experience.

Citi is also touting its direct memberships in over 250 clearing systems, which will help institutions more efficiently optimize end-to-end transaction services, from consumer payments to global disbursements.

Finally, the bank is stressing the range of payment methods it wants to incorporate, not just cards and digital wallets: it is working with fintechs to incorporate up to 140 alternative options into the service.

Naveed Sultan, global head, TTS, Citi, says: "Our mission is to power frictionless payment acceptance with nimble technology. We want to extend our leadership beyond the B2B payment space by developing capabilities to enable institutions to collect from consumers in a globally consistent and seamless fashion."

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