Citi, NYSE-listed financial services giant, confirmed yesterday that its Treasury and Trade Solutions (TTS) has entered into an agreement with EBANX, a global payment processor, to provide an end-to-end digital collection solution (eCommerce) for the bank’s institutional clients in the Latin American region.
The partnership will enable the clients of Citi to accept over 100 consumer payments online methods in 11 countries. The EBANX platform will facilitate merchants as well as consumers. Citi already offers comprehensive solutions to corporate and institutional clients in key Latin American markets, like Mexico and Brazil.
“As we focus on expanding our digital commerce footprint in today’s increasingly complex payments landscape, our mission is to deliver digitally enabled solutions that address the evolving needs of our diverse institutional client base, especially our direct-to-consumer (D2C) clients,” said Steve Donovan, the Head of Treasury and Trade Solutions at Citi Latin America.
According to a study by EBANX, the e-commerce sector is growing rapidly in Latin America. For 2022, the growth rate is forecasted at around 30%. Through EBANX’s collaboration with Citi, the institutional clients of Citi will be able to enhance payments acceptance and optimize local card processing.
Consumer Payments Solution
Gabriel Kirestian, the Head of Payments and Receivables Treasury and Trade Solutions at Citi Latin America, said that a comprehensive consumer payment solution is necessary to meet the growing regional demand.
Paula Bellizia, the President of Global Payments at EBANX, said: “Citi is a leader in global banking and financial services. We are thrilled to align with them in this agreement to strengthen our capabilities for local solutions for their merchants across Latin America. This is a crucial step forward in creating a more efficient, reliable and flexible solution for each and every single global tech company that wants to reach more consumers across key markets in Latin America region.”
