Citi’s Bank Services Group, a division of Global Transaction Services, has been selected by South Korea’s Kookmin Bank to enhance its international payments capabilities globally, with Citi’s International Payments Processing solution that supports a variety of exotic currencies.
It has been reported that initially, Citi will provide KookMin Bank with international payments support in selected markets, covering a range of exotic currencies. Once implementation has been completed, Kookmin Bank plans to extend this service to additional currencies.
Reportedly, Citi’s International Payments Processing helps banks and corporations to streamline the issuance of paper-based and electronic payments to parties around the world and automate the related foreign exchange. The non-account based solution is expected to enable cross-border payments in over 135 currencies via SWIFT or Citi’s electronic banking platform, CitiDirect.
Akash Rathke, managing director, regional head of Bank Services and Public Sector Group, Asia Pacific, Citi said: “KookMin Bank has long been one of Asia Pacific’s most progressive financial institutions in terms of the services it provides its clients and in the bank’s ability to ‘think outside the box.’ By partnering with Citi, KookMin Bank has proven its commitment to servicing its increasingly international client base while controlling its costs and risks.”
