Citi Provides Kiwibank Customers with Online International Payments Capability

Citi announced today that it is providing an on-line international payments capability to Kiwibank in New Zealand. For the first time, Kiwibank customers will be able to make international payments from their homes and offices. The customers can make international money transfers as well as initiate foreign currency drafts to be printed in Singapore, Dublin or the United States and mailed to a beneficiary anywhere in the world. Previously international payments were only available from Kiwibank branches. Citi is also working with Kiwibank to enable online international direct credit payments. This new service will allow customers to directly fund accounts overseas, avoiding the complexities of correspondent bank networks and the resultant fee deductions. In integrating Kiwibank’s internet platform with Citi’s global capability, Kiwibank is able to provide customers with live foreign exchange rates, a service very few banks around the world offer. Further, Kiwibank is the first bank in the world to launch such a broad range of international payment services with live foreign exchange rates over the internet. "Making a broad suite of payment services available online to all of our customers is fundamental to our full-service banking model,” said Sam Knowles, CEO of Kiwibank. "This is another example of Citi’s ability to offer innovative international banking solutions around the world and we are delighted to develop our partnership with Kiwibank to provide this solution in New Zealand,” said Mark Fitzgerald, Citi’s NZ country head. "Using our leading-edge technology local banks are able to provide greater value to their customers, allowing them to win new customers and new business.” Citi ‘white-labels’ a variety of banking services including Foreign Exchange; US dollar, Euro and Yen Clearing, Multi-currency Accounts and Trade Services. Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank and Citi Smith Barney. Additional information may be found at www.citi.co.nz.