Miami, Florida Citi ® Mobile Collect was named Best Mobile Money Deployment in the Americas in the 2013 Mobile Money Global Awards at the Dubai World Trade Centre during the annual Global & Digital Payments Summit on November 6.
Citi® Mobile Collect, introduced in the Dominican Republic this year and also available in India, China, and South Korea, is a payment solution that makes it possible for typically unbanked small grocery stores and other businesses to replace cash payments to their providers with mobile transactions. The technology, exclusively for Citi corporate clients, was introduced through a strategic partnership with GCS Systems, a local mobile payment administrator. In collaboration with Banco ADOPEM, a leading microfinance institution and a long-time Citi partner, Citi ® Mobile Collect allows small businesses that are not yet part of the banking system to open an account at Banco ADOPEM and perform more secure and convenient business transactions.
"We are honored to receive this award. Citi ® Mobile Collect uses cutting-edge technology in an innovative way to address provider payment limitations that directly affect our corporate clients," explained Fernando Iraola, Latin American Region Head, Treasury and Trade Solutions. "We are offering our corporate clients a more efficient way to receive payments from their distributors, even in communities with low levels of banking penetration, allowing them to expand their market while enhancing security, controls & information as well as costs associated with their collections processes. At the same time, we are contributing to drive financial inclusion of the small businesses that are becoming part of this ecosystem. This innovative solution is one more step towards becoming the world's digital bank."
"Citi is always looking for ways to maximize its talent, international experience and innovative technology applications to offer solutions to its clients' needs in all of the markets where it operates. This award was only possible thanks to our valued clients and to our team's commitment to contribute to community well-being and economic development via greater financial inclusion, which is a key component of our strategy," commented Jorge Ruiz, Citi's Digital Banking Head for Latin America.
For six years, the Mobile Money Global Awards have recognized financial institutions or operators that have executed the best launch of a mobile money services in their operating region. After the submission of applications for the different categories, a senior advisory board from the industry is in charge of selecting the companies that make it to the decisive final public vote for the awards. This year, there were more than 8,000 votes selecting the winners.
Citi, 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.
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