Citi’s Global Transaction Services has upgraded its WorldLink Payment Services capability for making payments in Chinese Renminbi. The enhancement will lead to decrease in settlement time to two days, which represents an improvement of more than a week. Through Citi’s new process for payments to approved corporations, WorldLink has been able to leverage the bank’s global reach, with Citibank Shanghai completing the FX conversion before passing the payment instruction to the beneficiary. Lat year, WorldLink processed renminbi payments for over 170 clients globally.
Click here for the release from Citi.