Citigroup Inc. has upgraded its WorldLink Payment Services technology to allow faster settlement of payments made in China's currency, the renminbi.
The New York banking company announced Tuesday that the change can allow for settlement in as little as two days, compared to more than a week now.
Restrictions on renminbi payments have extended the period needed for settlement.
Using WorldLink's "intelligent distribution capabilities" can reduce this time, Citi said.
"The world has been waiting for the renminbi restrictions to loosen," Diane S. Reyes, the global payments head of Citi's global transaction services, said in a press release. "With WorldLink we have been able to manage RMB payments in the context of the regulations. Now we can provide our clients with an improved offering which will allow them to cut their payments time to beneficiaries in China."
WorldLink has been handling renminbi payments to China for seven years, Citi said. It processed payments for more than 170 clients worldwide.
In all, WorldLink lets Citi customers issue payments in more than 135 currencies through more than 225 partner relationships. The program makes more than 30 million payments annually, worth an aggregate $750 billion.