Citi tops in big digital transactions in PH

Published December 6, 2022, 5:04 PM

by Lee C. Chipongian

American bank Citibank Philippines remains to be the top bank transacting PESONet outgoing payments with over P100 billion processed every month.

In a statement on Tuesday, Dec. 5, Citi said in terms of outgoing payments under PESONet which has more than 100 participants, the bank continues to rank as No. 1.

Citibank Philippines Inc.

Citi said it “provides differentiated domestic payments services across different areas providing security, efficiency, and simplification.”

Meantime, according to Citi’s Deven Somaya, ASEAN and Singapore Treasury and Trade Solutions Head, the bank continues to invests in its digital payment capabilities to expand its network and alternate payment methods such as mobile wallets.

He said the “miniaturization of payments and corresponding increase in payment volumes continues to be a driving trend in the evolution of digital payments” and that to “support clients’ needs for future commerce, banks have to be able to move money and facilitate transactions in close to real-time while ensuring security.”

Somaya was in the Philippines last August for the Society for Worldwide Interbank Financial Telecommunications or SWIFT event, SwiftGo.

Citi subsbribes to SwiftGo for small value payments that are transferred cross-border. It also has Payment Outlier Detection tool to identify payment outliers. This ensures “tighter controls in payment initiation.”

“Citi in the Philippines delivers an end to end digital client experience from onboarding, transaction processing of payments and collections including trade financing solutions, to self-service enabled client experience,” said Treasury and Trade Solutions Head, Arlene Nethercott.

Based on central bank data, in terms of asset size Citi is the country’s 12th biggest bank with P389.23 billion as of end-June. It has a deposit size of P260.57 billion. There are 45 big banks in the Philippines.

Aboitiz-led Union Bank of the Philippines has completed its acquisition of Citi’s consumer banking business last August. The transaction was first announced in late 2021.