Citi and PayPal extend partnership to institutional payments
Citi and PayPal have expanded their partnership to enable Citi’s institutional clients to make payments into customers’ PayPal digital wallets. The extended partnership brings together Citi’s global network and client base of multinational corporations, financial institutions, and public sector organisations and PayPal’s two-sided network of businesses and consumers.
Citi clients will now have the added option of being able to pay directly into PayPal digital wallets via the bank’s WorldLink cross-border payments platform. The bank says this will provide its clients with greater payment choice, flexibility, and speed when making global payments. PayPal customers will benefit by receiving associated funds fast, directly into their digital wallets.
The firms say that that their payment partnership shows 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. Starting in the first quarter of 2020, Citi clients will be able to make payments into PayPal wallets globally in more than 200 markets.