Citibank launches Citi Online Remit, online money Transfer service

Sunday, February 8, 2009, 7:06 by Business Editor

Citibank has launched an online money transfer service for U.S based Indian citizens that will allow the NRIs to directly transfer the money to the beneficiaries’ banks in India.

Citibank Online Remit will allow Indians living in the US to transfer fund from any U.S checking or savings accounts or by using U.S credit or debit cards. Through this scheme, NRIs can directly transfer funds into the beneficiary’s bank account or a draft can be couriered to the beneficiary’s mailing address in India, Citibank said in a statement.

Citi Global Head-Digital Banking and Payments Suresh Bajpai said, “Citi Online Remit is a fine demonstration of our commitment to generating customer insight and deploying technology and innovation to fulfill customer needs.”

Paul Galant, CEO of Citi’s Global Transaction Services said Citi Online Remit is aimed at offering the “a fast, safe, and secure platform for cross-border money transfers.” This feature is possible with a bundle of built-in security features including online identity verification, Multi-Factor Authentication, Global IP tracking and account authentication. The customer can track the transfer progress at every stage and also avail phone and online customer service offer. Email alerts will keep the account holders updated with the foreign exchange rates.

M.V. (Raja) Rajamannar, Chief Marketing Officer, Citi Global Cards, said of the initiative, “This is a powerful example of how Citi’s breadth of service can provide unrivaled benefits for customers around the globe. We are able to use robust consumer insights and segmentation methods to provide the right services to anticipate and satisfy customer needs. He also added that with this effort customers will be able to seamlessly send money overseas, now even using their credit card.

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.

Similar Posts: