Citigroup Launches Remittance Platform

Citigroup announced the launch of its white label, customisable remittance platform with distribution and foreign exchange capabilities in over 90 countries. QuikRemit enables Citi’s client banks, corporations, and money transfer organizations to offer their own customers a secure and compliant solution for international funds transfer. QuikRemit is supplied by PayQuik, a solution provider to MTOs, which was acquired by Citi this January. The platform allows for direct online remittances as well as branch-based agent remittances, depending on the client banks’ own strategy and infrastructure.

Paul Galant, CEO of Citi's Global Transaction Services business says the move proves Citi’s “continued commitment to be the leading provider of the full range of payments services…The remittance market, traditionally dominated by money transfer organizations, is seeing increased participation by banks who can offer a wide distribution network and a safe, secure and private service. Citi's QuikRemit Service enables financial institutions and corporations to offer these benefits to their clients.”