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Press Release: Citi Ramps Up Renminbi Settlement

WORLDLINK(R) PAYMENT SERVICES OFFERS FASTER SETTLEMENT TIME FOR CHINESE RENMINBI (RMB) PAYMENTS

By Other Sources | Updated on January 25, 2011

New York, NY- Citi today announced that its Global Transaction Services has enhanced its WorldLink(R) Payment Services capability in making payments in Chinese Renminbi (RMB). This new enhancement allows for a significant reduction in settlement time to as little as two days, which represents an improvement of more than a week. This reduced settlement timeframe offers one of the best clearing times available within the cross-border payments market.

Until recently, the Chinese Renminbi (RMB) was heavily regulated with trading restrictions. In 2009, the People’s Bank of China (PBOC) commenced a controlled liberalization of the RMB currency. Continued expansion of this plan has allowed WorldLink Payment Services the opportunity to extend its capabilities in making cross-border payments in this currency.

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