Citi has extended its partnership with PayPal, enabling its institutional clients to make payments into customers’ PayPal digital wallets.
The extended partnership unites Citi’s extensive global network and client base of multinational corporations, financial institutions, and public sector organisations and PayPal’s vast two-sided network of consumers and businesses, delivering more choice and flexibility.
Manish Kohli, Global Head of Payments and Receivables at Citi’s Treasury and Trade Solutions commented: “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.”
As part of the extension, Citi will seek to give its clients deeper choice, flexibility, and speed via the firm’s WorldLink cross-border payments platform, whilst PayPal customers will benefit by receiving associated funds fast, directly into their digital wallets.
Jim Magats, Head of Global Payment Product and Engineering at PayPal added: “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.”
The collaboration underlines a shared vision to form a large interconnected ecosystem of global businesses and consumers that can make and receive fast, flexible and secure payments for commerce.