Citi and PayPal have announced the expansion of their collaboration to enable Citi’s institutional clients to make payments into customers’ PayPal digital wallets.
The partnership is aimed at combining Citi’s network and client base of international corporations, financial institutions, and public sector organisations, with PayPal’s network of consumers and businesses.
Citi treasury and trade solutions payments and receivables Global Head Manish Kohli “Mobile and digital wallets are becoming increasingly important alternative payment methods for our clients as they respond to changing consumer payment preferences.
“The growing digitization of our personal, professional and business experiences calls for ubiquitous and frictionless means of payment. Combining Citi’s cross-border capabilities with the truly digital and seamless client experience delivered by PayPal will enable our clients to pay from anywhere to anywhere instantly, meeting their evolving needs.”
The expanded collaboration will deliver more flexibility to Citi and PayPal customers
Under the partnership, Citi clients will be provided with an additional option to pay directly into PayPal digital wallets through Citi’s WorldLink cross-border payments platform.
The platform offers enhanced payment choice, flexibility, and speed for Citi clients, while making global payments. PayPal customers will receive associated funds directly into their PayPal digital wallets.
WorldLink is an institutional cross-border payments solution that deploys the advanced technology and serves more than 3,500 clients in more than 195 countries.
It makes use of Citi’s extensive network, on-the-ground branch presence and the bank’s direct access to approximately 250 local and regional clearing systems.
Citi and PayPal payment partnership is aimed at creating a large interconnected ecosystem of global businesses and consumers for fast, flexible and secure payments.
PayPal global payment product and engineering head Jim Magats said: “Consumers are increasingly turning to mobile devices and digital wallets to manage and move their money.
“At the same time, we’re seeing global financial institutions, corporate enterprises and public sector entities needing more flexible ways to deploy payments. This expanded partnership between Citi and PayPal will help drive increased payment choice, convenience and speed for our shared customers.”
