Citis Bank Services Group has announced partnerships with Agricultural Bank of China and Kookmin Bank. Citi will provide the banks with international payments processing support.
Citis on-site check will provide Agricultural Bank of China with fraud prevention upgrades, 24-hour foreign exchange capabilities and daily foreign exchange spot rates. While Kookmin will benefit from improvements in reconciliation and reporting as well as Citis International Processing Solution which support a variety of exotic currencies.
Agricultural Bank of China chose Citi because of its payments solution features and international network. Citi has served as Agricultural Bank of Chinas US Dollar Clearing provider for a number of years. The partnership between Citi and Agricultural Bank of China has deepened as the bank expands its consumer banking business to meet the growing needs of customers traveling overseas.
Madame Ll Qingping, Chief Retail Officer, Agricultural Bank of China, said: With each passing year, the payments business of Agricultural Bank of China expands significantly to include more clients in more markets. As we see the needs of our clients become more international, we have proactively addressed these present and future demands by partnering with Citi.
Anthony Nappi, Managing Director, Regional Head of Global Transaction Services, Asia Pacific, Citi, said: The global payments landscape is evolving quickly and progressive banks are taking necessary steps to exceed the demands of their clients first. In active collaboration with Citi Global Transactions Services, Agricultural Bank of China is clearly one of the leaders in Asia Pacific in providing their clients world-class payments options.
Akash Rathke, Managing Director, Regional Head of Bank Services and Public Sector Group, Asia Pacific, Citi said: Agriculture Bank of China has demonstrated its commitment to the present and future needs of its consumer bank, which further solidifies Citis unrivaled position in providing international payment processing to Asia Pacifics leading financial institutions. He also said: Kookmin Bank has long been one of Asia Pacifics most progressive financial institutions in terms of services it provides its clients and in the banks ability to think outside the box. By partnering with Citi, Kookmin Bank has proven its commitment to servicing its increasingly international client base while controlling its costs and risks.