Citigroup Global Transaction Services and Transaktionsinstitut fur Zahlungsverkehrsdienstleistungen AG have agreed on a strategic partnership by which 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.
Commenting on the strategic significance of this transaction, Dr. Helmut Gottlieb, Head of Citigroup Global Transaction Services for Germany, Austria, and Switzerland says: ‘We are very excited about the strategic alliance with Transaktionsinstitut in Germany, a key growth market for Citigroup. 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.’