Fundtech Ltd., provider of global electronic payment, settlement and cash management solutions, will offer its clients a new way to make international funds transfers, through Citi’s International Payments Processing system.
The collaboration is said to benefit Fundtech’s clients by further enhancing their payments processing capabilities. Citi’s extensive on-the-ground presence in over 100 countries also makes this a powerful solution for cross-border fund transfers.
Fundtech’s new PAYplus Citi International Payments module enables U.S. financial institutions to make cross-border payments in multiple currencies, using their PAYplus USA payment system.
“Fundtech and Citi’s powerful new International Payments processing solution will enable banks of all sizes to offer their clients global payment capabilities previously only available from the largest financial institutions,” says Jordan W. Graham, managing director of North American Business Development for Citi’s Global Transaction Services Division. “Our joint offering reduces the need for banks to operate multiple payment systems and correspondent banking relationships, by leveraging Citi’s global network to quickly and cost effectively transfer funds internationally. Instead of maintaining accounts in multiple currencies at a number of correspondent banks, Fundtech’s clients can work seamlessly through Citi, a trusted global financial institution.”
Citi’s Global Transaction Services business offers integrated cash management, trade, securities and fund services to multinational corporations, financial institutions and public sector organizations around the world.
“This comprehensive solution benefits Fundtech clients in many ways. It minimizes the cost of processing foreign exchange transactions, enhances STP, and provides the base to generate additional revenue. Fundtech’s PAYplus USA solution centralizes all payments activities and can be utilized by the bank’s branches and customers via a browser,” says Michael Sgroe, president and COO, Fundtech. “We are pleased to partner with Citibank to offer our clients extended FX capabilities. This is another example of how Fundtech continues to offer value-added services to our clients.”