Citigroup said its Treasury and Trade Solutions (TTS) is developing a new business line for consumers to make digital payments to institutions. This is part of group’s overall strategy to enable digital commerce for clients and extend its significant presence and capabilities beyond the wholesale payments space. The group will introduce a new planned service offering institutional merchants the ability to collect from a wide range of payment methods including cards, eWallets and new and innovative bank transfers such as Request to Pay and Open Banking. For the service, Citi has chosen Mastercard Payment Gateway Services, which is integrated with numerous acquirers and eWallets globally. Additionally, Citi will enable connectivity with its proprietary transaction services and FX businesses to further enhance the offering.
