Press release from Business Wire India
Source: Citi
Wednesday, December 14, 2011 05:01 PM IST (11:31 AM GMT)
Editors: General: Consumer interest, People; Business: Banking & financial services, Business services, Financial Analyst, Information technology, Media & entertainment; Technology
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Citi India Announces the Launch of 'CASH-TO-MOBILE' Receivables Solution
'Market First' Mobile Receivables Solution to address needs of corporate and institutional clients,Aimed at encouraging digitization of the Indian economy; targets to address the approximately US$300 billion retail cash segment
Mumbai, Maharashtra, India, Wednesday, December 14, 2011 -- (Business Wire India) -- Citi India today announced a significant addition to its Mobile receivables solution functionality introduced by the Global Transaction Services business group, with the launch of Citi Cash-To-Mobile Receivables Solution. Aimed at Corporate and Institutional clients, this market first solution empowers corporate customers to receive funds from retailers or end customers instantly via mobile.
As the first bank to introduce this solution in India, Citi has reinforced its market leadership and innovative edge in the cash market in India. Developed to take advantage of the nascent but fast growing mobile payment flows in the country, Cash-To-Mobile will allow Citi India to tap into the mobile payments segment that is expected to reach US$350 billion by 2015 per industry estimates. The primary benefactors of this unique proposition are expected to be companies from sectors such as FMCG, Telecom, Media, Healthcare and Travel amongst others.
Speaking at the launch, Sudeep Yadav, Managing Director and Head of Global Transaction Services at Citi India said, "Innovation has always been a driving force for our growth and market leadership in India. Citi Cash-To-Mobile aims to provide efficient collections and enhanced transaction control to our clients, while reducing the risk between collection and settlement in a market where businesses are becoming increasingly digitized."
Key features of Cash-To-Mobile:
-- Based on the Interbank Mobile Payment Service managed by the National Payments Corporation of India
-- Receives funds transfers instantly, 24 hours a day and seven days a week.
-- Instantly alerts specified client authorized personnel through SMS
-- Identifies remitters through their mobile number
-- Automates reconciliation between orders and collections
-- Provides host to host integration for reports and reconciliation
The Cash-To-Mobile solution is currently being implemented by Hindustan Coca-Cola Beverages Private Limited (HCCB), the bottling operation of the Coca-Cola Company in India.
Global Transaction Services (GTS) is one of Citi's largest businesses globally reporting close to $8 billion in revenues globally for the first nine months of 2011. In Asia Pacific, GTS reported revenues of $2.188 billion and net income of $894 million, the largest net income region for GTS globally. This accounted for 27% of the bank's $3.35 billion of net income in Asia for the first nine months of 2011 or close to 10% of the bank's global net income of over $10 billion in the first nine months of 2011. Client deposits in GTS in Asia Pacific were $125 billion at the end of the third quarter, the largest region for Citi globally. Citi India is the fourth largest contributor to GTS revenues globally and the largest within the Asia-Pacific region.
About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides 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, transaction services, and wealth management. Additional information may be found at www.citigroup.com
Committed to India for over 109 years, Citi takes pride in being a premier locally-embedded financial institution backed by an unmatched international network. Citi's presence in India spans 42 Citibank branches across 30 cities and over 700 ATMs. With capital invested of over US$4 billion, Citi is the single largest foreign direct investor in the financial services industry in India and offers consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi is an employer of choice to approximately 7500 employees in India. Citi's franchise in India includes businesses such as equity brokerage, equities distribution, private banking (Citi Private Bank) and alternate investments and private equity (CVCI). In line with our commitment to make a positive difference in the communities where we work, Citi India's citizenship programme targets its strategic efforts in the priority focus areas of Financial Capability & Asset Building, Enterprise Development and Youth, Education & Livelihoods. Additional information may be found at http://www.online.citibank.co.in/press-room/citi-in-india.htm
About Global Transaction Services
Global Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2010, it held $353 billion in liability balances and $12.6 trillion in assets under custody.
CONTACT DETAILS
Debasis Ghosh, Citi, +91 (22) 40015009, debasis.ghosh@citi.com
Pooja Ahluwalia, Citi, +91124 4186868, pooja.ahluwalia@citi.com
Shreela Roy, Ipan Hill and Knowlton, +91 9820149119, sroy@ipanhillandknowlton.com
KEYWORDS
CONSUMER, PEOPLE, BANKING, BUSINESS SERVICES, Financial Analyst, IT, MEDIA, TECHNOLOGY
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