Citi’s Global Transaction Services has been chosen by Andhra Bank in India as its provider of global remittance services. Under the mandate, Andhra Bank will white label QuikRemit, Citi’s customizable remittance platform for banks, corporations and money transfer organizations, to provide end-to-end remittance transfers to its customers between India and other global markets.
Using Citi’s QuikRemit platform, Andhra Bank can offer its customers a service whereby they can remit money from anywhere in the world to beneficiaries in India. This helps Andhra Bank enter strategic markets like Canada and the United Kingdom where there is are large Non-Resident Indian communities. Citi will also act as correspondent bank for Andhra Bank’s international remittances business, and assist in clearing and collection of remittance flows.
Citi QuikRemit is a white labelled and customizable remittance platform with distribution and foreign exchange capabilities in over 90 countries. The platform provides a wide range of options for origination and distribution instruments, including credit cards, debit cards and US-originating account debits using the Automated Clearing House (ACH) mechanisms.
This landmark deal is the first time Citi has white labeled a global remittance solution for a public sector bank in India and follows other significant wins for Global Transaction Services in the remittances business regionally.
“Andhra Bank and Citi have a long-standing relationship that will only gain strength through this new alliance,” says R.S. Reddy, chairman and managing director of Andhra Bank. “By committing to this landmark partnership, we are extremely pleased to offer our clients premium global remittance services in India and globally, and leverage the experience of Citi.”
“This is a significant achievement for Global Transaction Services in India, marking a major collaboration between Citi and one of the largest nationwide public sector banks,” says Akash Rathke, managing director and regional head of Citi’s bank services and public sector groups. “We are proud to partner with such a progressive financial institution.”
“Citi is extremely honored to partner with Andhra Bank in the fast growing area of global remittances,” says Ashish Bajaj, managing director, global transaction services head for India, Sri Lanka and Bangladesh. “Our endeavor is to constantly support Andhra Bank through our technology, solutions and expertise, in their effort to provide a first-in-class service to their customers and to maintain their leading edge by offering remittance services to their international and domestic customers.”
D.C.