Citi today announces the launch of QuikRemit(sm), a white-labeled,
customizable and easy to integrate remittance platform with
distribution and foreign exchange capabilities spanning more than 90
countries. QuikRemit enables banks, corporations, and money transfer
organizations to offer their customers and employees a secure and
compliant solution for international funds transfer.
The QuikRemit service was previously offered by PayQuik, a premier
provider of money transfer solutions to banks, credit unions and money
transfer organizations, which was acquired by Citi in January 2008.
"The launch of QuikRemit demonstrates our continued commitment to
be the leading provider of the full range of payments services," said
Paul Galant, CEO of Citi´s Global Transaction Services business. He
continued, "At Citi, we have offered global remittance solutions to
our clients since 2006, and this launch will accelerate our growth in
a strong and dynamic market in which we can provide significant value
to our clients."
QuikRemit, which offers models for direct, on-line remittances as
well as in-branch agent remittances, joins Citi´s world-class payments
portfolio that includes services such as WorldLink.
The PayQuik team joined Citi earlier this month, bringing more
than 60 years of combined deep domain expertise in the financial
services and technology industries, an attractive client base, and a
best-in-class technology platform.
Bhairav Trivedi, Global Head of Remittance Services at Citi, and
previously CEO of PayQuik said, "We´re excited and pleased to launch
QuikRemit - now as a part of Citi´s portfolio of payment solutions. We
have deep experience in this market and a winning combination of
solutions and global access - all key ingredients for success. "
"As the average value of remittances continues to increase,
senders want to ensure that their money is safely reaching their
destinations. The remittance market, traditionally dominated by money
transfer organizations, is seeing increased participation by banks who
can offer a wide distribution network and a safe, secure and private
service. Citi´s QuikRemit Service enables financial institutions and
corporations to offer these benefits to their clients," Galant said.
According to Aite Group´s March 2007 report, global remittance flows
are expected to reach volumes of US$.5 trillion by the year 2010.
Global Transaction Services, a division of Citi Markets & Banking,
offers integrated cash management, trade, and securities and fund
services to multinational corporations, financial institutions and
public sector organizations around the world. With a network spanning
over 100 countries, Citi´s Global Transaction Services supports over
65,000 clients. As of the 4th quarter of 07, it held on average $245
billion in liability balances and $13.1 trillion in assets under
custody.
Citi, the leading global financial services company, has some 200
million customer accounts and does business in more than 100
countries, providing consumers, corporations, governments and
institutions with a broad range of financial products and services,
including consumer banking and credit, corporate and investment
banking, securities brokerage, and wealth management. Citi´s major
brand names include Citibank, CitiFinancial, Primerica, Smith Barney,
Banamex, and Nikko. Additional information may be found at
www.citigroup.com or www.citi.com.
Certain statements in this document are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act. These statements are based on management´s current
expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from those
included in these statements due to a variety of factors. More
information about these factors is contained in Citigroup´s filings
with the Securities and Exchange Commission.
