(Logo via Mastercard)

Mastercard: Citi to Build Digital Consumer Payments Business for Institutions

Citi’s Treasury and Trade Solutions (TTS) is developing a new business line for consumers to make digital payments to institutions. This is part of TTS’s overall strategy to enable digital commerce for clients and extend its significant presence and capabilities beyond the wholesale payments space. Under this umbrella, a new planned service will be made available to offer institutional merchants the ability to collect from a wide range of payment methods including cards, e-wallets and new and innovative bank transfers such as Request to Pay and Open Banking — as they gain traction. In turn, their consumers will have access to a wide variety of payments methods of their choice.

As part of this new digital consumer payments business, Citi has chosen Mastercard Payment Gateway Services, which is integrated with numerous acquirers and e-wallets globally. Additionally, Citi will enable connectivity with its proprietary transaction services and FX businesses to further enhance the offering. Citi has expanded its global payments network by establishing direct connections to new instant payment schemes in over 20 countries and is continuing to invest in these connections globally. As an example, Citi was the first corporate bank to connect to Open Banking in the United Kingdom.

“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,” said Naveed Sultan, Global Head of Citi’s Treasury and Trade Solutions.

Institutions will gain more visibility into the end-to-end transaction lifecycle, allowing them to focus on their business operations and growth; consumers will benefit from payment ubiquity through a localized payment experience. Institutions will have access to Citi’s payment network through a single platform, leveraging the strength of Citi’s on-the-ground presence, in-market expertise and relationships with payment providers. The solution is acquiring-agnostic providing institutions the opportunity to bring their existing acquiring connections onto the gateway. Citi’s direct memberships in over 250 clearing systems will help institutions more efficiently optimize end-to-end transaction services, from consumer payments to global disbursements. Citi is also collaborating with leading fintechs to incorporate up to 140 alternative payment methods into the service.

“The partnerships that we have established will allow us to accelerate the delivery of a progressive and innovative solution. Today, we see our institutional clients using many different providers and having to piece together the solutions they are seeking. Citi’s ability to be a single holistic provider for transaction services is what makes this approach unique,” said Manish Kohli, Global Head of Payments and Receivables, Treasury and Trade Solutions, Citi.

Increasingly, established multinational institutions looking to become more digital, and digital natives are requesting the ability to have a single global window for all their consumer payments. “This is a new and rapidly growing space and we have taken a very comprehensive and innovative approach which we believe will position Citi as a leader among both existing and new market participants,” Kohli added.

The Mastercard solution offers a global payment platform with 180+ acquirers already integrated, simplifying the onboarding experience. Citi chose to leverage Mastercard Payment Gateway Services to combine the assets of both companies to bring a comprehensive solution to the market.

“Every institution wants to focus their time on providing their customers with the best experience or the best product. Our trusted technology helps them do just that. We are excited to work with Citi and their leading transaction services business. As they integrate Mastercard Payment Gateway Services, they’re making the whole process simpler for Citi’s institutional clients to accept payments from anywhere in the world and continue growing their businesses,” said Michael Miebach, Chief Product Officer, Mastercard.

Citi Treasury and Trade Solutions (TTS) enables its clients’ success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry’s largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry’s most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.

Latest News

woke politics

Republicans Launch a War on ‘Woke’ Politics in Hopes of Big Legislative Wins in 2022

In 2020, former President Barack Obama warned that the phrase “Defund the Police” could become a dangerous rallying cry for the conservative right. But now, Republicans have apparently taken that warning one step further, declaring war on all things “woke.” Allan Smith and Sahil Kapur of NBC News wrote that…

women in politics

Women Remain Vastly Underrepresented in Local Government, Despite Conventional Wisdom Suggesting Otherwise

Vice President Kamala Harris and Speaker of the House Nancy Pelosi sat behind President Biden during his first speech to a joint session of Congress on April 28 — representing the first time two women held such important and high-ranking political offices. Even after such a historic moment, the reality…

voter restriction

Florida Follows Georgia’s Lead, Approves Racist Anti-Voter Restrictions Aimed Primarily at Democrats and People of Color

Not content with letting Georgia be the only state in the South demonized for its bigoted and racist attacks on voter rights, Florida has jumped into the fray in issuing its own series of new and highly controversial “Jim Crow-esque” anti-voting restrictions aimed specifically at disenfranchising Democrats and voters of…

Kentucky Derby

Inspired by Protests Over Breonna Taylor’s Death, Humana and Kentucky Derby Festival Launch Diversity and Inclusion Initiative in Louisville

Ahead of the 147th Kentucky Derby on Saturday, May 1, Kentucky Derby officials and Humana (No. 25 on The DiversityInc Top 50 Companies for Diversity list in 2020) have announced a new equity initiative meant to make the race more accessible and welcoming to everyone, regardless of race, gender, age…

crimes against human ity

‘Crime Against Humanity’; Global Report Says the US Should Be Prosecuted in International Criminal Court for Ongoing Police Murders of Black Americans

In what has been described as a “devastating” report, human rights experts and lawyers have investigated and released a 188-page analysis of the ongoing police brutality and killing of Black Americans in the U.S. Their verdict: the country is guilty of “crimes against humanity” and should be prosecuted for its…

Tokyo, Olympics

Tokyo Olympics to Encourage Significant Increase in Gender Equality Among Event’s Corporate Sponsors

Besides simply being a showcase for some of the most talented and athletic men and women on the planet, the organizers of the Tokyo Olympics are hoping their event this summer can also help promote significant change in corporate culture, both in Japan and around the globe. Bloomberg’s Ayai Tomisawa…