Hong Kong – Citi, the world's leading transaction bank, has expanded the functionality of its Spring by Citi digital payments processing solution in Australia, Hong Kong and Singapore. Online card and wallet-acquiring are now available alongside other forms of online payment acceptance, including instant payments and subscription-ready electronic direct debits.
Spring by Citi was developed by Citi's Treasury and Trade Solutions (TTS) business and integrates a wide range of payment methods with back-office treasury management systems and processes. It helps enterprise clients to reach more customers by offering them a seamless acceptance experience that increases sales conversion. At the same time, Spring by Citi eliminates the complexity associated with managing local payment methods and mitigates risk.
Australia, Hong Kong and Singapore join Brazil, Canada, Germany, Ireland, Mexico, the Netherlands, the United Kingdom and the United States in enabling enterprise clients to accept a comprehensive range of local payment methods. Further Asia Pacific and global markets will be added in the future. In addition, Citi now has instant payments capabilities in over 60 countries around the world, facilitating eCommerce collections in markets including Australia, Hong Kong, India, Singapore and Thailand in the Asia Pacific region.
"Asia is at the forefront of the internet economy. It is one of the world's largest and fastest growing eCommerce markets where online sales already account for a greater share of the retail market than any other region. Asia is also a crucial driver of eCommerce innovation, but the region's diversity also presents challenges for enterprise clients," said James Lloyd, Asia Pacific Head of Spring by Citi, Treasury and Trade Solutions. "Our aim is to help our clients grow by providing streamlined access to locally relevant payment methods and related services, all in a secure customer-centric manner. Spring by Citi leverages our proprietary network – the industry's largest, with banking licenses in over 90 countries – to give clients the tools they need to capture the growth of the evolving internet economy. We're delighted that Citi clients in Asia, including Singtel, LINE MAN Wongnai, and ShopeePay in Thailand, are already using Spring by Citi to facilitate their online sales."
Spring by Citi supports both consumer-to-business and business-to-business flows. It addresses the needs of business development teams by facilitating engaging online experiences and seamless payments that drive sales. Spring by Citi also helps corporate treasury to better manage counterparty exposure, while providing a cost-effective way of accepting a wide range of digital payments, and by accelerating cash, can enhance working capital.
"Citi TTS has a long history of facilitating client flows both across Asia pacific and globally. The rapid growth of eCommerce and the emergence of new business models means that we are continually adding to our capabilities. The addition of online card and wallet-acquiring in key markets in the region is the next chapter in the Spring by Citi story", said Sanjeev Jain, Asia Pacific Head of Payments & Receivables, Treasury and Trade Solutions, Citi. "By bringing together consumer-facing payment methods such as cards and wallets in a globally consistent manner so that they can be seamlessly integrated into clients' eCommerce websites or apps, Spring by Citi makes it easier than ever for the region's companies to sell online around the world."
For more information about this payment solution, visit www.spring.citi.com.
About Citi's Treasury and Trade Solutions
Citi Treasury and Trade Solutions (TTS) enables our 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, 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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