Citi Partners Agricultural Bank of China For International Payments

Published: 14-Sep-2009

The partnership to support check payments for 16 different currencies from a single Citi account

Citi's Bank Services Group, a division of Global Transaction Services, has partnered with Agricultural Bank of China to provide the Agricultural Bank of China with international payments processing for on-site check services that enable expansion of its banking services to consumer clients.

Citi has said that its on-site check solution will provide Agricultural Bank of China with fraud prevention upgrades, 24-hour foreign exchange capabilities, and daily foreign exchange spot rates. Additionally, all checks issued through Citi's solution will be customized with Agricultural Bank of China's corporate logo.

Initially, Agricultural Bank of China plans to roll out the on-site check solution in 15 branches throughout China, followed by a nationwide launch in the near future.

Madame LI Qingping, chief retail officer, Agricultural Bank of China, said: "With each passing year, the payments business of Agricultural Bank of China expands significantly to include more clients in more markets. As we see the needs of our clients become more international, we have proactively addressed these present and future demands by partnering with Citi.”

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