Mumbai, Sept 17 (ANI/Business Wire India): 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 its clients 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."
Ashish Bajaj, Managing Director, Global Transaction Services Head for India, Sri Lanka and Bangladesh said: "Citi is extremely honored to partner with Andhra Bank in the fast growing area of global remittances. Our endeavor is to constantly support Andhra Bank through our technology, solutions and expertise, in their effort to provide a first-in-class service to their customers and to maintain their leading edge in offering remittance services to their international and domestic customers."