Equiniti Group has partnered up again with Citi in order to manage the bank’s international payments services and build on their relationship.
The new payments mandate will result in seeing Citi deal with multiple product offering and provide overseas payments of pensions, shareholder payments and support the international payments business for Equiniti International Payments.
This partnership means that Citi’s Treasury and Trade Solutions (TTS) and Foreign Exchange Local Markets Group (FXLM) will work together so that Equiniti Group can benefit from the bank’s experience and expertise as well as, maintain more than 130 currencies and real time foreign exchange access for over 400 currency pairs.
Head of Citi treasury and trade solutions in the EMEA region, Rajesh Mehta, confirms the strong relationship between two entities. “We know the business, we know the people and we have a good understanding of how to support their growth. We are delighted to have been awarded this mandate and look forward to our continued engagement,” Mehta said.
CEO of Equiniti, Guy Wakeley, commented on the relationship and picked up on how Citi’s payment reach is unrivalled. “We have been able to enhance and extend the range and flexibility of services that we offer to our clients. We look forward to growing our relationship in the areas of payment and smart technology solutions,” Wakeley mentioned.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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