Citi Global Transaction Services (GTS) has enhanced its WorldLink Payment Services capability in making payments in Chinese renminbi (RMB). The enhancement allows for a reduction in settlement time to as little as two days, according to Citi.
Until recently, the Chinese renminbi (RMB) was heavily regulated with trading restrictions. In 2009, the People’s Bank of China (PBOC) commenced a controlled liberalisation of the RMB currency. Continued expansion of this plan has allowed WorldLink Payment Services the opportunity to extend its capabilities in making cross-border payments in this currency.
Diane Reyes, global payments head of Citi’s GTS, said: “The world has been waiting for the renminbi restrictions to loosen. With WorldLink we have been able to manage RMB payments in the context of the regulations. Now we can provide our clients with an improved offering which will allow them to cut their payments time to beneficiaries in China.”