Citi and PayPal to partner on cross-border institutional payments

Citigroup and PayPal are extending their partnership to facilitate institutional payments, including cross-border institutional transactions.

The expanded partnership will enable Citi’s institutional clients to make payments into customers’ PayPal digital wallets. Citi clients will now have the added option of being able to pay directly into PayPal digital wallets via Citi’s WorldLink cross-border payments platform. PayPal customers will benefit by receiving associated funds fast, directly into their PayPal digital wallets.

WorldLink, Citi’s institutional cross-border payments solution, leverages the latest technology and serves more than 3,500 clients in over 195 countries. WorldLink uses Citi’s extensive network, on-the-ground branch presence and the bank’s direct access to approximately 250 local and regional clearing systems. PayPal is available in over 200 markets, has 300 million accounts and allows customers to send, receive and hold funds in 25 currencies worldwide.

Shared vision for interconnected ecosystem

Citi and PayPal’s payment partnership highlights a shared vision to create a large interconnected ecosystem of global businesses and consumers that can make and receive fast, flexible and secure payments for commerce. Both Citi and PayPal have developed the partnership with the goal of making payments as simple and digital as possible, while offering choice and flexibility for customers at all times. Starting in the first quarter of 2020, Citi clients will be able to make payments into PayPal wallets globally in more than 200 markets.

“Mobile and digital wallets are becoming increasingly important alternative payment methods for our clients as they respond to changing consumer payment preferences. The growing digitization of our personal, professional and business experiences calls for ubiquitous and frictionless means of payment,” said Manish Kohli, Global Head of Payments and Receivables at Citi’s Treasury and Trade Solutions. “Combining Citi`s cross-border capabilities with the truly digital and seamless client experience delivered by PayPal will enable our clients to pay from anywhere to anywhere instantly, meeting their evolving needs.”

“Consumers are increasingly turning to mobile devices and digital wallets to manage and move their money. At the same time, we’re seeing global financial institutions, corporate enterprises and public sector entities needing more flexible ways to deploy payments,” said Jim Magats, Head of Global Payment Product and Engineering at PayPal. “This expanded partnership between Citi and PayPal will help drive increased payment choice, convenience and speed for our shared customers.”