Until recently, the Chinese Renminbi (RMB) was regulated with trading restrictions. In 2009, the People’s Bank of China (PBOC) commenced a controlled liberalization of the RMB currency. Continued expansion of this plan has allowed WorldLink Payment Services the opportunity to extend its capabilities in making cross-border payments in this currency.
WorldLink has been effecting RMB payments to China for the past seven years. In 2010, WorldLink processed RMB payments for over 170 clients worldwide. Several clients currently sending US Dollars into China are also expected to take advantage of WorldLink’s new process to make RMB payments to approved corporations.
Utilizing WorldLink’s distribution capabilities, payments to approved corporations in China can now be received by the beneficiary in as little as two business days and without any volume restrictions, which will translate into a significant benefit to clients.
With Citi’s new process for payments to approved corporations, WorldLink has been able to leverage Citi’s global reach, with Citibank Shanghai completing the FX conversion before passing the payment instruction to the beneficiary bank.
Citi’s Global Transaction Services Global Payments Head Diane Reyes said with WorldLink Citi has been able to manage RMB payments in the context of the regulations. Now Citi can provide clients with an improved offering which will allow them to cut their payments time to beneficiaries in China.
The WorldLink solution is a non-account-based product, offering multicurrency payment solutions for corporations, financial institutions and public entities. Supporting over 4,000 currency pair conversions, WorldLink provides transparent flexible foreign exchange options which are bundled with the comprehensive distribution network of any international cash management service provider globally.
