Citi's Global Transaction Services has been appointed by Andhra Bank
in India to provide a range of white-labeled global remittance services.
Under the mandate, Andhra Bank will gain access to QuikRemit, Citi's
white labeled and customized remittance platform for banks, corporations
and money transfer organizations, to enable end-to-end electronic remittance
transfers between India and other global markets. By white labeling
Citi's QuikRemit platform, Andhra Bank can offer NRIs (Non resident
Indians) a single solution whereby they can efficiently and securely
remit money internationally to India. To enable this process, Citi will
also provide technology support for its global remittances solution.
For Andhra Bank's international remittances business, Citi will also
act correspondent bank and assist in clearing and collection of remittance
flows.
This white labeled solution covers global remittance transactions via
credit cards, debit cards and US-originating account debits using the
Automated Clearing House (ACH) mechanisms. QuikRemit will also allow
Andhra Bank to process global remittance transactions originating from
strategic markets Canada and UK, where there exists large Non-Resident
Indian communities. For Citi, the mandate marks a landmark for the Global
Transaction Services franchise in India. The deal marks the first time
Citi has white labeled a global remittances solution for a public sector
bank in India and follows other significant wins for Global Transaction
Services in this space regionally.
R.S. Reddy, Chairman and Managing Director of Andhra Bank said: Andhra
Bank and Citi have a long-standing relationship that will only gain
strength through this new alliance. By committing to this landmark partnership
we are extremely pleased to offer our clients premium global remittance
services in India and globally, and leverage the experience of Citi.
Commenting on the landmark mandate win, Akash Rathke, Managing Director
and Regional Head of Citi's Bank Services and Public Sector Group said:
This is an extremely significant achievement for Global Transaction
Services in India, marking a major collaboration between ourselves and
a highly visible and nationwide public sector bank. Providing Andhra
Bank with market-leading global remittance capabilities is in line with
our white labeling strategy in India and regionally, and we are proud
to partner with such a progressive financial institution.
