Citi’s Treasury and Trade Solutions is expanding its international ACH payments service capabilities for corporate customers.
The financial institution announced news on Monday (Dec. 11) that its WorldLink Payment Services has added 10 new countries with which it can facilitate cross-border payments; the markets are across the EMEA (Europe, Middle East and Africa) region, said Citi.
“We are focused on delivering the power of Citi to our clients by building integrated global solutions that connect our clients to every part of our continuously expanding global payments network in an efficient and consistent manner,” said Citi Treasury and Trade Solutions Global Head of Payments and Receivables Manish Kohli in a statement. “This expanded capability will offer clients the ability to participate in commerce in new markets, through low-cost payment options delivered through digital channels.”
The expansion means corporate customers of Citi can send ACH payments into these 10 new markets. The bank added that early next year it plans to add nine new cross-border ACH corridors to its service.
Earlier this year, Citi announced that it is partnering with financial services technology firm FIS to heighten its faster and real-time payments services. Their collaboration sees FIS integrating its Trax business payment services into Citi’s treasury management offering via CitiConnect APIs.
According to research conducted by Tipalti, the results of which were released earlier this month, wire transfers, PayPal and global ACH are the three most-used payment rails for cross-border remittances. According to Tipalti CMO Rob Israch in a recent interview with PYMNTS, ACH is a top choice for cross-border supplier payments because they are relatively quick (with payments received in about two days) and provide stronger protection against fraud than wire and PayPal cross-border transactions.