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FOR IMMEDIATE RELEASE May 1, 2001 Citibank's c2it Teams With Microsoft And Auctionwatch -- Unveils Upcoming 2001 Milestones P2P Payments Service Offered To New Customer Bases, New Features Added As Next Steps Toward P2Anywhere Payments System
New York, NY — Citigroup, the premier global financial services company, today announced bold initiatives from its c2it online P2P (person-to-person) payments system as part of its commitment to take a leading position in that market. When Citigroup launched c2it in October 2000, a key strategy was to reach new audiences through target-focused partnerships. In keeping with this plan, the company announced two new alliances: an agreement with Microsoft’s MSNâ network of Internet services to offer c2it to MSN’s more than 230 million monthly visitors, and an agreement with AuctionWatch to embed c2it in AuctionWatch’s e-commerce solution. In addition, Citigroup outlined the next steps to realizing its goal of building the leading consumer payments engine on the Internet. MSN Alliance As a result of this alliance, MSN now features c2it as the preferred and only MSN branded P2P payments service for transferring funds online. MSN selected c2it after strategically evaluating the payment mechanisms available to online customers. With c2it, MSN customers will be able to enroll in and access the seamless, integrated payment process using a variety of payment sources (e.g., credit cards, debit cards, checking accounts, savings accounts) from any financial institution. c2it is available now at MSN MoneyCentral and will be integrated throughout MSN, including MSN MoneyCentral, MSN Auctions, MSN eShop, and the MSN Hotmail Web-based email service in the coming months. "This alliance with Microsoft is consistent with our plan to team up with other well-established, brand-name companies to make c2it’s online payment services widely available across the web," said Antony Jenkins, chief operating officer, c2it. "As a leading financial services firm, we understand that visibility and accessibility are needed to change consumer perceptions and, ultimately, behavior as they increasingly do more on the Internet. This alliance with MSN provides both. It brings us together with a leader in technology with a large customer base, and we are very excited by the potential customer response to this relationship." "Microsoft selected the c2it service as this alliance provides consumers with the easiest way to move money online," said Erik Jorgensen, general manager of consumer financial products group at Microsoft. "By teaming up with the leader in online payment services, we’re able to offer an essential financial management tool to MSN’s 230 million monthly visitors. This alliance extends our commitment to helping consumers manage their money anytime, anywhere and on any device." AuctionWatch Alliance The agreement between c2it and AuctionWatch, which is the leading online auction consolidator that supports sellers through dynamic and fixed-price venues, will allow auction sellers to easily take advantage of c2it and simplify the entire auction management process. AuctionWatch can automatically generate an invoice to winning bidders on behalf of sellers using the service; under the new agreement, invoices will feature c2it as the preferred payment option. If buyers choose to settle their bid using c2it, the transaction will be processed almost immediately (depending on the account from which they choose to fund the transaction). As sellers customarily wait to release merchandise until payment is received, use of c2it will also result in faster receipt of merchandise by winning bidders in most cases. Functionality of c2it on AuctionWatch’s site will begin in June with full integration completed by Fall 2001. "When we launched c2it our strategy was clear: to offer customers a payment solution built around their needs," continued Mr. Jenkins. "Our on-going customer research shows that we’re on track with a brand they know and trust, and 24x7 customer service so they can speak to someone immediately about their account. As these issues, and the ability to make the auction process more efficient, are important to the many P2P users currently participating in online auctions, our alliance with AuctionWatch is 100% supportive of our going-in strategy." In addition to the AuctionWatch alliance, c2it will offer power auction users added benefits including live 24x7 auction-user customer service. Further, the sophisticated security features made possible by Citigroup’s unrivaled experience in transactions processing guards against fraudulent activity with a minimum of customer inconvenience. This policy addresses a common concern of power auction users whose access to funds may have been unexpectedly restricted by other payment services. New Capabilities Scheduled Throughout 2001 As part of its ongoing series of enhancements to the service, Citigroup also outlined further c2it developments planned for later this year. They include:
c2it’s Jenkins summed up: "Once consumers experience the ease and cost effectiveness with which they can transfer money with c2it, it changes the way they think about moving money from one place to another. Today’s announcements, and those we’ll be making throughout the rest of the year, demonstrate our commitment and on-schedule record to achieving our goal of making c2it the standard in the category – going beyond P2P to what consumers will come to regard as a true P2Anywhere payments system. We will continue to form strategic alliances that provide the kind of mutual benefits that our AOL, Microsoft Network and AuctionWatch relationships promise." The c2it service is accessible by logging on to www.c2it.com. c2it can also be accessed though other Citigroup financial products and services and financial management tools including Citi.com and Account Online, among others. America Online subscribers can access c2it through AOL Quick Cash. # # #
About Citigroup Citigroup (NYSE:C), the preeminent global financial services company, provides some 120 million consumers, corporations, governments and institutions in more than 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. Major brand names under Citigroup's trademark umbrella are Citibank, CitiFinancial, Primerica, Salomon Smith Barney, and Travelers. Additional information may be found at: www.citigroup.com. |