Citigroup Sees Itself As 'A Leader In E-Payments'. Pago Electrónico :: e-Payment

Citigroup Sees Itself As 'A Leader In E-Payments'


Fecha Viernes, septiembre 19 @ 10:31:13
Tema Pago Electrónico :: e-Payment


Citigroup’s retail online banking division sees itself as a leader in electronic payments and has just added pending-transaction lists, wire transfer options and image archives to its services. Citi provides “a lot of high-class touches in one place”, says Gomez analyst, Chris Musto, while Tower Group analyst, George Tubin, advises that the bank “is always on the cutting edge with whatever they do”. The latest addition is an inter-institutional transfer service, which enables Citi customers to quickly and easily transfer funds online to other accounts, even at another financial institution.


“We’re sort of kicking the tires on it, and seeing what the reaction is, which so far is terrific in terms of how it’s been operating”, explains Citi spokesman, Mark Rodgers. Citi, which is “really the only bank to be offering [inter-institutional transfer] now”, Rodgers says, is using CashEdge technology to power the service. Within 18 months, inter-institutional transfers “will become a must-have functionality for any online financial institution”, predicts CashEdge CEO, Sanjeev Dheer, to enable customers to fund their brokerage accounts, for example, quickly and easily.

Citi’s online banking service has an edge over other banks in that Secure Sockets Layer (SSL) encryption is offered as soon as a customer enters the site. Offering USD 5 online wire transfers within the US (USD 10 to Europe), also gives Citi an advantage over First Data’s Western Union division, which charges USD 50 to send USD 1,000 via the Internet, from New York to Mexico, and USD 68, to send the same amount to France. Customers can transfer money between any two Citi accounts in the world for free, in a service distinct from Citi’s P2P payments service, c2it.
American Banker
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