Citi’s Treasury and Trade Solutions (TTS) announced today that it is entering into an agreement with global payment processor Ebanx to provide an end-to-end digital collection solution (eCommerce) for Citi’s institutional clients in Latin America.
Citi’s clients will be able to accept more than 100 consumer payments online methods in 11 countries*.
As eCommerce continues to expand in Latin America, with a forecast of more than 30% of growth in 2022, according to EBANX’s Beyond Borders study, the collaboration will help Citi’s institutional clients in the region increase payments acceptance and optimize local card processing, that could better position them in an increasingly competitive economy.
“As we focus on expanding our digital commerce footprint in today’s increasingly complex payments landscape, our mission is to deliver digitally enabled solutions that address the evolving needs of our diverse institutional client base, especially our direct-to-consumer (D2C) clients,” said Steve Donovan, Head of Treasury and Trade Solutions, Citi Latin America.
Through EBANX’s platform, institutional merchants will be able to collect from a variety of payment methods such as credit cards, e-wallets, and instant and local payment methods. On the consumer side, customers will enjoy access to their preferred payment methods easily throughout the robust structure of EBANX operation.
“Our objective is to amplify payment options for our institutional clients with local and regional reach through a comprehensive consumer payments solution, while building the foundation for a seamless value proposition experience,” said Gabriel Kirestian, Head of Payments and Receivables Treasury and Trade Solutions, Citi Latin America.
Paula Bellizia, President of Global Payments, EBANX, said: “Citi is a leader in global banking and financial services. We are thrilled to align with them in this agreement to strengthen our capabilities for local solutions for their merchants across Latin America. This is a crucial step forward in creating a more efficient, reliable and flexible solution for each and every single global tech company that wants to reach more consumers across key markets in Latin America.”
This collaboration supplements Citi’s existing offering in Brazil and Mexico, where Spring by CitiSM, the bank’s TTS business digital consumer payments solution for corporate and institutional clients, is available since 2020 in Mexico and 2021 in Brazil.
*Argentina, Colombia, Costa Rica, Ecuador, Dominican Republic, El Salvador, Guatemala, Panama, Paraguay, Peru and Uruguay.