Borderless Banking Initiative From Citigroup

Citigroup Global Transaction Services has launched a white-label proposition – Borderless Banking – aimed at allowing banks “to expand their product range, re-engineer their delivery infrastructure and extend their geographical network.” Under the scheme banks can provide access to a modular set of Citigroup products and services in payments and collections, foreign exchange dealing and clearing, securities trading and clearing, sub-custody and agency treasury. The bank’s new Single Nostro account (under development) will allow banks to make payments and collections in more than 45 currencies through a single account in the base currency of their choice.


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