Citi expands role to online merchant acquiring
Citi, a leading global financial institution, has been reappointed by the New Zealand Government to its prestigious All-of-Government (AoG) banking panel. In an exciting development, Citi’s role has been expanded to include online merchant acquiring, further strengthening its partnership with the government.
Having been a member of the AoG banking panel since 2015, Citi has been providing essential services such as corporate card solutions and foreign exchange payments to the New Zealand Government. The rigorous vetting process conducted by the Ministry of Business, Innovation and Employment recognizes Citi’s high service standards, process standardization, technical innovation, and commitment to meeting environmental, social, and economic outcomes.
The new agreement, effective from July 1, 2023, until June 30, 2027, solidifies Citi’s position as a key banking partner for the New Zealand Government. With an exceptional track record and expertise in cash management, Citi’s Treasury and Trade Solutions Head for New Zealand, Nick Howden, expressed his delight at the continued trust placed in Citi, stating, “Our selection to the AoG panel recognizes our leading cash management capabilities, the service excellence of our locally based team, and the trust we have built with the New Zealand government.”
As the sole international bank on the panel, Citi brings its extensive experience working with governments worldwide. Shane Best, Citi’s Global Solution Sales for the New Zealand Public Sector, highlighted Citi’s global network and innovative cross-border payment solutions, emphasizing the potential for cost efficiencies and economies of scale. Additionally, Citi’s expanded role now includes its cutting-edge merchant acquiring technology, enabling seamless and secure payment experiences for customers.
Acknowledging the opportunity to continue collaborating with the New Zealand government, Shane Best added, “We are proud of the work we have done so far and look forward to continuing our work with the New Zealand government into the future.”
Citi’s suite of banking services offered to the New Zealand Government as part of the AoG framework includes comprehensive foreign exchange solutions, facilitating cross-border payments in over 130 currencies. Furthermore, their corporate card solutions aid in managing day-to-day expenses and accelerate payments to suppliers. With the addition of online merchant acquiring technology, Citi will enable frictionless card and mobile wallet payments, enhancing the overall payment experience for customers.
Globally, Citi has established itself as a trusted partner for over 700 public sector clients, including central governments, local and regional governments, central banks, development banks, pension funds, and sovereign wealth funds. With a presence in more than 90 countries and a robust proprietary network integrated with advanced technology platforms, Citi continues to deliver innovative banking solutions tailored to the unique needs of governments around the world.
The reappointment and expanded role of Citi on the All-of-Government banking panel exemplify the institution’s commitment to providing exceptional service and driving financial innovation in partnership with the New Zealand Government.