Citigroup In Payments Venture With Transaktionsinstitut Germany

Citigroup Global Transaction Services and Transaktionsinstitut fr Zahlungsverkehrsdienstleistungen AG (Transaktionsinstitut) have agreed on a strategic partnership. Citigroup will process its German national payments through Transaktionsinstitut from late summer 2005 onwards. The migration has begun in April 2005 and will be

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Citigroup Global Transaction Services and Transaktionsinstitut fr Zahlungsverkehrsdienstleistungen AG (Transaktionsinstitut) have agreed on a strategic partnership. Citigroup will process its German national payments through Transaktionsinstitut from late summer 2005 onwards. The migration has begun in April 2005 and will be completed during the course of the 3rd quarter 2005.

‘This strategic cooperation with the world’s largest financial institution emphasises our market position and our ability to deliver,” says Michael Steinbach, CEO of Transaktionsinstitut. “This is a further important step for Transaktionsinstitut in positioning itself as a leading payment service provider operating in Germany and Europe and across banking sectors.’

Both institutions have firmly expressed their wish to extend their cooperation in the future.

Dr. Helmut Gottlieb, Head of Citigroup Global Transaction Services for Germany, Austria, and Switzerland says the alliance with Transaktionsinstitut gives the bank a growth opportunity in a target market. “Working with Transaktionsinstitut, we gain access to their market-leading payments processing platform for Euro-payments. This will strengthen our proposition to our global clients in Germany,” he says.

Francesco Vanni d’Archirafi, Chief Executive Officer of Citigroup Global Transaction Services for Europe, Middle East and Africa, adds that Citigroup is keen to expand in Germany, through both direct investment and strategic alliances. “With Transaktionsinstitut we have made a decision for a partner in payments processing which satisfies our high standards regarding cost and quality to the extreme,” he says.

Dietrich Voigtlnder, Member of the Board of DZ BANK AG and Chairman of the Supervisory Board of Transaktionsinstitut, emphasizes that the deal is important to the Transaktionsinstitut. “Our goal to establish Transaktionsinstitut as a partner for third parties has proven to be the right decision and is being reinforced significantly through this partnership,” he says.

After the expansion into the Euro zone through cooperation with the Belgian KBC Bank NV and FIN-Force NV in Brussels, signed in March of this year, Transaktionsinstitut has thus also succeeded in acquiring an important client in its home market, Germany.

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