Computershare, a financial services and technology providers for the global securities industry, has partnered with Global Transaction Services, a business of Citigroup Corporate and Investment Banking, in the provision of international payments services to its corporate clients and their shareholders.
Citigroup will work with Computershare to support cross-border dividend, share plan, and corporate action payments through its market-leading WorldLink Payment Services, which is used by corporations, financial institutions and governments to process international payments in over 135 currencies.
“Computershare is committed to developing innovative services that support and promote the needs of global companies,” says Paul Conn, the Head of Global Capital Markets for Computershare. “Through our partnership with Citigroup, we aim to fundamentally change market practice for dividend and other types of payments. At the moment, many investors experience inconvenience, delay and extra cost when they receive payments in a currency other than the one they prefer.”
By leveraging the WorldLink solution along with enhancements to its own proprietary technology, Computershare is able to offer its clients access to convenient international payment solutions in areas such as corporate dividends, corporate actions and share plan administration. Investors who live overseas now have a set of cost-efficient options to receive payments in their currency of choice.
For example, a citizen of the United Kingdom, who typically receives a British Pound Sterling dividend cheque – may be retired and living in Canada. Depositing a British Pound Sterling cheque into a Canadian bank account delays the shareholder’s receipt of funds, resulting in high processing fees and poor foreign exchange rates. Computershare’s relationship with Citigroup will give that investor the opportunity to receive payments in Canadian currency direct to their local bank.
“Computershare is a leading financial services company with a tremendous future in the provision of services to the securities industry,” adds David Maya, the Global Head of Business Development for Cash Management at Citigroup Corporate and Investment Banking. “We are extremely pleased to partner with them and help solve the painful and expensive problems experienced by overseas investors. This is a great example of the type of partnerships we have been pursuing with success to embed our products and capabilities through key market players.”