Citibank has launched c2it, a person-to-person email-based funds transfer service for US consumers in association with America Online.
Online P2P payments enable the transfer of funds between individual e-mail accounts. Users of the c2it service will be able to transfer funds from a bank, brokerage or credit card account from any financial institution, to any nominated recipient with an e-mail address. The recipient of the funds can choose to have the payment credited to any credit card, deposited into any bank account, or received in the form of a cheque.
"Consumers want to simplify their financial lives and are increasingly looking to the Internet as a solution," says Antony Jenkins, chief operating officer for c2it. "With $billions in personal payments made each year, there clearly needed to be a paperless solution that enabled such transactions to be conducted online with the trust and confidence consumers want when it comes to their money."
The c2it service is accessible by logging on to www.c2it.com. c2it users, which will include consumers without Citi accounts, will be directed to other financial products and services and financial management tools via links to several Citibank properties including MyCiti.com, Click Credit.com, and Account Online.
Robert Willumstad, vice chairman, global consumer group, describes the new P2P payments capability as the "foundation of our global payments activities", and integral to the bank's Internet strategy. He says Citi intends to develop the system for "person-to-anywhere" capabilities, to include online purchasing, account transfers and auctions.
A key c2it partner is America Online, through a strategic alliance between Citigroup and AOL announced in July 2000. America Online will be offering the c2it service, under the brand name of "AOL Quick Cash," to its more than 28 million AOL and CompuServe members.