Citi first to pilot SWIFT’s Workers’ Remittances solution

Bank to pilot with Banco Bolivariano

Published on 18 September 2008
Left to right: Lambert Timmermanns, Senior Relationship Manager, Latin America, SWIFT. Helen Nazzaro, Vice President, Key Vendor Management, Citi. David Pryce, Managing Director – Americas, SWIFT. Francesco Vanni d’Archirafi, Chairman, Citibank Europe plc. Bhairav Triveldi, Managing Director, Global Head of Remittance Services, Citi. Diana Zarega Carvajal, Commercial Representative, Banco Boliviano. Michael Whyte, Senior Market Manager, Banks & Payment Market Infrastructure, SWIFT
 
Citi yesterday announced that it has signed an agreement to be the first to pilot SWIFT’s Workers’ remittances solution for cross-border, person-to-person payments. Citi will pilot the solution with Banco Bolivariano in October to facilitate remittances from Citi’s New York branches to Banco Bolivariano branches in Ecuador – one of the largest remittance corridors for the united States.

“Citi has been a pioneer bank in the remittance space and a founding member of the SWIFT Workers’ remittances Advisory Group. Earlier this year we partnered with Banco Bolivariano to provide Ecuadorian clients in the U.S. the ability to quickly and easily send money home – helping bring Ecuadorian families closer together. We’ve now taken the next step, collaborating with Banco Bolivariano to be the first to pilot SWIFT’s framework for remittances,” commented Francesco Vanni d’Archirafi, head of treasury and trade solutions at Citi’s Global Transaction Services. Citi’s remittance platform is channel agnostic, with the ability to accept a variety of formats and file types to send messages.

As the average value of remittances continues to increase, senders want to ensure that their money is safely reaching their destinations. The remittance market, traditionally dominated by money transfer organisations, is seeing increased participation by banks who can offer a wide distribution network and a safe, secure and private service.

Signature of the first Trade Services Utility contract in Peru by the Banco de Crédito del Perú represented by Martha Torres, Head of the International Transfer Department of BCP (picture here with SWIFT’s Michel Corthouts, Regional Director, Latin America, SWIFT.)
“We chose Citi as our partner for remittances because of their significant global presence and remittance technology. Our partnership makes sending money home affordable and easy to do, with a high level of confidence that the funds will reach where they need to. Our clients can do this with one simple form for only a USD 5 transaction fee. These benefits make Citi the bank of choice for the Ecuadorian community,” commented Gabriela Valverdi Farfan, head of Ecuagiros, Banco Bolivariano’s remittance division.

Michael Whyte, senior market manager, SWIFT , who leads workers’ remittance projects, said, ”We are delighted that Citi will be the first to pilot with Banco Boliviarano. Citi supported this development from the outset, actively participating in the SWIFT Advisory Group and working groups. During this time we’ve been greatly impressed with Citi’s commitment to remittances and micro-finance. They get the balance right – treating these markets both as solid business opportunities and a means to further financial inclusion. It’s great to see a truly global organisation leading by example in this area.”