Citibank Announces New Automated London-To-New York Target Balancing Solution
After concluding a successful pilot phase with both BP Amoco and a Chevron Joint Venture (Tengizchevroil), Citibank is making a new service – Automated London-to-New York Target Balancing — available to its corporate customers worldwide. The new London-to-New York Target Balancing service allows customers to automatically move end-of-day US dollar balances in their London-based dollar accounts to New York-based US dollar accounts with same day value. Customers are able to specify a ‘target balance’ (which may be zero or other amount) such that funds will automatically be moved from London to New York to achieve their specified target balance. Either a debit or credit balance may be moved.