Citi Launches New Cross-Border Payments Product

Citi’s Treasury and Trade Solutions is building a new business line that expands beyond B2B into merchant acquiring, with a focus on cross-border payments; the global payments market is growing, estimated to be $3tn by 2022, and Citi is looking to capture a share of that growth; it won’t be easy with recent mergers and stiff competition in Asia the global bank has a lot of work to do; “While Citi clearly has the global reach needed to be competitive, the question is whether it has the alacrity and flexibility to move quickly and compete head on with the fintechs,” Thad Peterson, a senior analyst at Aite, said to American banker; the new product will help set up Citi to become a payments hub that is regulatory compliant across multiple countries. Source.

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