Citigroup is investing in alternative payment methods as client needs and technologies evolve.

The goal is “making sure that our payment stack is future-ready,” William Artingstall, global co-head of cross-border payments and receivables at Citi, told Bank Automation News. 

For example, in March, the $2.4 trillion bank integrated Venmo into its global payment platform, Worldlink, to offer clients an alternative payment method, Artingstall said. The integration brought a solution to bank clients looking to access and accept payments beyond legacy methods.

Through Venmo, Citi clients now have access to the same payments platforms as the nearly 90 million Venmo users in the United States, Artingstall said.

“The advantage of this is if you are an account holder with Citi, and you’re accessing Worldlink … you have a significant step forward in terms of access, when you think about this great ecosystem,” he said. 

Additionally, the payments method does not expose banking details because Venmo payments are linked to mobile numbers and email addresses, Artingstall said.  

Following the integration of Venmo, the bank is open to adding other alternative payments, he said. 

While adoption of the Worldlink Venmo capability is not as fast as payments using ACH or wire transfers, it is trending upward and Citi wants to be ahead of the curve. 

Always-on

As payments technology evolves, Citi has rolled out several capabilities in the past year, including the launch of a digital-only credit card in May and investment in cross-border payments through Citi Treasury and Trade Solutions. 

These offerings are part of Citi’s bigger-picture effort to meet the needs of today’s “always-on” mentality, Artingstall said.  

“The ability to be connected to a large number of payout types is an extremely important part of how you ensure that you’re able to meet the needs of your customers into the future,” he said.