Citi has entered into a landmark partnership with the Department of Posts, Government of India (India Post) to enhance its recently launched MO Videsh remittance product. This international remittance service is powered by Citi’s WorldLink payment services and provides India Post the ability to send payments in over 130 currencies globally through their existing Eurogiro payments platform.
Under the partnership, India Post will provide global remittance services to its customers in over 800 head post offices across the country within three months. India Post plans to extend the service to over 8,000 post offices nationwide within one year.
This deal is significant for both Citi and India Post leveraging the Citi and Eurogiro partnership to provide India Post with the widest number of currencies globally.
Anthony Nappi, MD and regional head of global transaction services of Asia Pacific, Citi, said: “This innovative service launch between Citi Global Transaction Services and India Post represents a landmark in the Indian remittances space and clearly sets a new market standard. We are proactively taking a unique approach to meeting the needs of key client segments and remain committed to creating partnerships with post offices regionally and globally based on their future business needs.”
Juanita Woodward, director of customer relations in Asia Pacific, Eurogiro A/S, said: “The payments partnership between India Post and Citi demonstrates Eurogiro’s strength to bring together the postal and the banking world through the Eurogiro payments platform and global community.
“India Post is the most recent postal organization to join the Eurogiro payments network community, which has members located in over 50 countries, and illustrates an increased focus by postal organizations around the globe to expand international payment services to the local community through the Eurogiro payments network and community.”
