Citi Expands Online Transaction Services To Indian Market

Citibank N.A. launches Citi Online Remit, a new online money transfer service to India. Citi Online Remit provides Non Resident Indians (NRIs) the facility to transfer funds to India from any US Checking Savings account or using a US Credit

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Citibank N.A. launches Citi Online Remit, a new online money transfer service to India. Citi Online Remit provides Non Resident Indians (NRIs) the facility to transfer funds to India from any US Checking/Savings account or using a US Credit/Debit Card as a direct transfer into the beneficiary’s Bank account or as a draft couriered to the beneficiary’s mailing address in India.

Powered by the QuikRemit platform from Citi’s Global Transaction Services, this new platform leverages Citi’s deep expertise in transaction services, cutting-edge technology, digital banking, payments and understanding of the needs of the Indian Diaspora to offer NRIs a secure, user-friendly and highly transparent means of money transfer.

The launch of Citi Online Remit further strengthens the Citibank NRI Business’ position in serving the needs of the “Global Indian,” enabling it to expand its majority share of the target customer base. Initially available to NRIs in the US, the Citi Online Remit service will be extended to other geographies in a phased manner.

Global Transaction Services offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world.

Citi Online Remit has a wide range of security features built into the platform such as Online Identity Verification, Multi-Factor Authentication, Global IP tracking and Account authentication. The platform also offers an online tracking system that allows NRIs to follow their transaction at every stage of the transfer process and facilitates the scheduling of dates for future transfers by setting up recurring transfer instructions.

“This is a powerful example of how Citi’s breadth of service can provide unrivaled benefits for customers around the globe,” says M.V. (Raja) Rajamannar, chief marketing officer, Citi Global Cards. “We are able to use robust consumer insights and segmentation methods to provide the right services to anticipate and satisfy customer needs. Through this effort customers will be able to seamlessly send money overseas, now even using their credit card.”

“Citi Online Remit is a fine demonstration of our commitment to generating customer insight and deploying technology and innovation to fulfill customer needs,” says Suresh Bajpai, global head, Digital Banking and Payments, Citi. “The collaborative nature of the design of this new platform provides it an exceptional robustness whilst ensuring it has a highly intuitive customer interface.”

“As the average value of remittances continues to increase, senders want to ensure that their money is safely reaching their destinations,” says Paul Galant, CEO, Global Transaction Services, Citi. “We’re pleased to be working with our consumer bank colleagues to offer clients a fast, safe, and secure platform for cross-border money transfers.”

L.D.

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