Global Transaction Services, a Citigroup business, has enhanced its global cross-border application, WorldLink Payment Services, by adding WorldLink Cash.
WorldLink Cash does not require a payment beneficiary to have an account, which allows clients to make urgent, low-value cash payments immediately. WorldLink users will be able to disburse cash in 190 countries. The new application will allow people to access their accounts in multiple currencies and with no additional fees.
“WorldLink is the most flexible, the most efficient and the only global one-stop shop for a non-account-based payment solution,” says Bharat Sarpeshkar, global head of payments, Citigroup Corporate and Investment Banking. “Foreign bank accounts add complexity, fragmentation, risks and cost. WorldLink offers organizations simplicity and transparency-and is unique in its ability to simplify cross-border payments of all types, now including cash, conveniently and directly to virtually any part of the world.”
WorldLink provides cross-border payments of multiple kinds: supplier payments, international pensions, payroll, dividend, insurance claims, stock options and T&E.
“Organizations initiating cross-border payments to multiple countries can now use one payment solution for all currencies and payment methods,” adds Sarpeshkar. “Our WorldLink clients are not only rationalizing international accounts with this streamlined payments process, but they are also gaining the advantages of greater control that comes with improved information transparency and reconciliation.”