Equiniti, the UK provider of share registration services, and Citi Markets & Banking are working together to provide international payments services to Equiniti’s clients.
Equiniti, formerly Lloyds TSB Registrars, acts as Registrar for over 700 companies including over 55% of the FTSE 100.
Citi’s Global Transaction Services business is providing an international payments solution to Equiniti through its WorldLink Payment Services. WorldLink will enable Equiniti to offer to its clients and their shareholders an international payment service for corporate dividends and other disbursements.
WorldLink is used by over 4,000 corporations, financial institutions and governments to process international payments in over 135 currencies, Citi says. By offering these services, Equiniti will give investors who live overseas a set of cost-efficient options to receive payments in their local currency.
John Parker, customer relationships and business development director for Equiniti says, “Through our alliance with Citi we aim to fundamentally enhance market practice for dividend and other types of payment. At the moment many overseas investors experience inconvenience, delay and extra cost when they receive payments in a currency other than the one they prefer.” Parker gives the example of the recipient of a GBP dividend cheque who has retired to Florida or Spain and may encounter a lengthy delay, high fees and poor foreign exchange rates when depositing a GBP dividend cheque with their local bank. “Our relationship with Citi will give that investor the opportunity to receive local currency direct to their local bank,” Parker adds.
Rajesh Mehta, head of cash management for Citi’s Global Transaction Services business in Europe, Middle East and Africa, says, “Citi is proud to be joining forces with Equiniti to leverage our international payment platform and our global network encompassing more than 100 countries to offer overseas investors a simplified and cost-effective way to receive dividends and other payments.”