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Citi reveals plans for new business line with Mastercard

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Citi’s Treasury and Trade Solutions (TTS) has announced the development of a new business line for consumers to make digital payments to institutions.

As part of this new digital consumer payments business, Citi has chosen Mastercard Payment Gateway Services, which is integrated with numerous acquirers and digital wallets globally. Additionally, Citi will enable connectivity with its proprietary transaction services and FX businesses to further streamline the offering.

This is part of TTS’s overall strategy to enable digital commerce for clients and extend its presence and capabilities beyond the wholesale payments space. Under this umbrella, a new planned service will be made available to offer institutional merchants the ability to collect from a wide range of payment methods including cards, digital wallets and new bank transfers such as Request to Pay and Open Banking – as they gain traction. In turn, their consumers will have access to a variety of payment methods of their choice.

Citi has expanded its global payments network by establishing direct connections to new instant payment schemes in over 20 countries and is continuing to invest in these connections globally.

The innovative bank was recently in the press for binning its cryptocurrency token testing pilot, and launching CitiDirect BE Digital Onboarding