Stemming from its January acquisition of bank and credit union remittance provider PayQuik, Citigroup’s Global Transaction Services business unit has launched a cross-border remittance service with PayQuik technology that will be white-labeled through retail banking institutions, money transfer services and corporates in 90 countries. The new QuikRemit remittance platform will be available for both Web-based and in-branch funds transfer and foreign exchange capabilities.
Citi is hoping to get a major slice of a global remittance market where funds flows are projected to grow to $500 billion by 2010, according to Aite Group research. QuikRemit is part of Global Transaction Services’ portfolio of payments offerings, including its WorldLink corporate payables processing. PayQuik’s staff was moved in-house within Citi’s transaction services business, with CEO Bhairav Trivedi taking the role as global head of remittance services at Citi.
