Citigroup Global Transaction Services says it has launched a white-label service aimed at helping banks offer services without compromising their own identity, independence or customer relationships. So-called “borderless banking” aims to offers banks a range of payments and collections, foreign exchange dealing and clearing, securities trading and clearing, sub-custody and agency treasury services on a white label basis.
“Borderless Banking is a new business model for banks,” says Tom Isaac, Managing Director of Citigroup Global Transaction Services. “It gives them the ability to leverage Citigroup’s comprehensive product set while sharing in the economies of scale. Banks gain from the ability to add new products or services, extend their market reach, or cut costs and forward investment commitments. Their customers gain by receiving better service and more competitive pricing.”
Marion Lang, Sales Manager, Global Banks, Foreign Exchange, Citigroup, adds that the service will enable banks to offer clients “a world-class FX trading service without any of the related infrastructure costs. Citigroup’s FX technology offers live dealable rates and STP (straight-through-processing) trade feeds backed by the unmatched liquidity offered by Citigroup. It is a powerful addition to any bank’s armoury.”