Citigroup and Transaktionsinstitut Cooperate on Payment Transactions
Citigroup Global Transaction Services and Transaktionsinstitut für Zahlungsverkehrsdienstleistungen AG (Transaktionsinstitut) have agreed on a strategic partnership. Citigroup will process its German national payments through Transaktionsinstitut from late summer 2005 onwards. The migration has begun in April 2005 and will be completed during the course of the third quarter 2005. Michael Steinbach, ceo of Transaktionsinstitut, said: “This strategic cooperation with the world’s largest financial institution emphasises our market position and our ability to deliver. This is a further important step for Transaktionsinstitut in positioning itself as a leading payment service provider operating in Germany and Europe and across banking sectors.” Both institutions have firmly expressed their wish to extend their cooperation in the future.