Citi’s Treasury and Trade Solutions (TTS) have announced that they are entering into an agreement with international payment processor EBANX in order to offer an end-to-end digital collection solution (eCommerce) “for Citi’s institutional clients in Latin America.”
Citi’s clients will be able “to accept more than 100 consumer payments online methods in 11 countries.”
As digital commerce continues to expand in Latin America, with a forecast of more than 30% of growth in 2022, according to EBANX’s Beyond Borders study, “the collaboration will help Citi’s institutional clients in the region increase payments acceptance and optimize local card processing, that could better position them in an increasingly competitive economy.”
Steve Donovan, Head of Treasury and Trade Solutions, Citi Latin America, stated:
“As we focus on expanding our digital commerce footprint in today’s increasingly complex payments landscape, our mission is to deliver digitally enabled solutions that address the evolving needs of our diverse institutional client base, especially our direct-to-consumer (D2C) clients.”
Via EBANX’s platform, institutional merchants will be able “to collect from a variety of payment methods such as credit cards, e-wallets, and instant and local payment methods.”
On the consumer side, customers will enjoy access “to their preferred payment methods easily throughout the robust structure of EBANX operation.”
Gabriel Kirestian, Head of Payments and Receivables Treasury and Trade Solutions, Citi Latin America, said:
“Our objective is to amplify payment options for our institutional clients with local and regional reach through a comprehensive consumer payments solution, while building the foundation for a seamless value proposition experience.”
Paula Bellizia, President of Global Payments, EBANX, added:
“Citi is a leader in global banking and financial services. We are thrilled to align with them in this agreement to strengthen our capabilities for local solutions for their merchants across Latin America. This is a crucial step forward in creating a more efficient, reliable and flexible solution for each and every single global tech company that wants to reach more consumers across key markets in Latin America.”
This collaboration supplements Citi’s existing offering in Brazil and Mexico, “where Spring by CitiSM, the bank’s TTS business digital consumer payments solution for corporate and institutional clients, is available since 2020 in Mexico and 2021 in Brazil.”
Citi Treasury and Trade Solutions (TTS) enables their clients’ success “by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe.”
Based on the foundation of the industry’s largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues “to lead the way in offering the industry’s most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.”
Citi, which claims to be the leading global bank, “has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.”
Citi provides consumers, corporations, governments and institutions with “a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.”
EBANX claims to be “the leading payments platform in Latin America, connecting more than 35,000 global and regional companies with customers from one of the fastest-growing digital markets in the world.”
The company was founded in 2012 with the mission of “giving access to Latin Americans to purchase from international e-commerce merchants.”
Using powerful proprietary technology and infrastructure, EBANX “allows companies with local or international operations to connect with hundreds of payment methods in different countries. EBANX goes beyond payments, increasing sales and fueling seamless purchase experiences for companies and consumers.”