Citi and Andhra Bank enter remittance services alliance

“By committing to this landmark partnership we are extremely pleased to offer our clients premium global remittance services in India and globally, and leverage the experience of Citi.”

R S Reddy, Chairman and Managing Director, Andhra Bank

Andhra Bank, a public financial institution in India, has chosen Citi's Global Transaction Services to offer a range of white-labeled global remittance services. This would enable Andhra Bank to ensure end-to-end electronic remittance transfers between India and other global markets using QuikRemit, Citi's white labeled and customised remittance platform for banks, corporations and money transfer organisations. Citi would also act as a correspondent bank and assist in clearing and collecting remittance flows for international remittances business of Andhra Bank. The deal would help Citi in strengthening its presence in the global remittances solution market for the public sector banks in India.

Chairman and Managing Director of Andhra Bank, R S Reddy said “Andhra Bank and Citi have a long-standing relationship that will only gain strength through this new alliance. By committing to this landmark partnership we are extremely pleased to offer our clients premium global remittance services in India and globally, and leverage the experience of Citi.”

Source: Outlook Business