Citi to launch consumer payments platform for institutions with Mastercard

March 26, 2019

Citi is developing a consumer payments business through its treasury and trade solutions unit that will enable payments made directly to institutions through the Mastercard network, according to a company release.

The plan is part of an effort by the TTS unit to expand beyond wholesale payments and enable digital commerce. The plan would allow institutional merchants to collect a wide range of payments, including card, e-wallet and newer forms of bank transfers such as request to pay and open banking as they gain traction in the marketplace.

Citi said it will work with Mastercard payment gateway services, which is already integrated with numerous e-wallets and payment gateways around the world. Citi will allow connections to its proprietary transaction service and foreign exchange businesses. The institution is directly connected to instant payment systems in more than 20 countries, for example, the open banking network in the U.K., the release said.

"Our mission is to power frictionless payment acceptance with nimble technology," Naveed Sultan, head of TTS at Citi, said in the announcement. "We want to extend our leadership beyond the B2B payment space by developing capabilities to enable institutions to collect from consumers in a globally consistent and seamless fashion."

 

Topics: Bill Payment, Mobile Banking, Mobile Payments

Companies: Citi, MasterCard

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