TestCloud
Prep • Practice • Perform
Log In

Citigroup Partners with Mastercard to Launch 24/7 Cross-Border Debit Payments.

Banking & Finance | Dated: 29 Oct 2024

Citigroup Inc., an American multinational investment bank and financial service company, has collaborated with Mastercard Inc., a global payment card provider, to enable 24/7 cross-border payments through debit cards.

🎯 Key Highlights:

  • - This partnership offers a seamless, efficient global transaction option for both consumers and businesses.
  • - Citigroup is the first global bank to enable cross-border payments to Mastercard debit cards using 'Mastercard Move,' benefiting from the speed, security, and transparency provided by Mastercard's network.

💡 Other Important Facts:

  • (i) This integrated solution is available to Citi clients in 65 origin countries and caters to corporate, financial, e-commerce, and commercial sectors.
  • (ii) It supports transactions like insurance payouts, airline refunds, e-commerce payments, on-demand payouts for freelancers and gig workers, transactions with merchants, and customer refunds.
  • (iii) The partnership enhances Citi's payout capabilities, reaching 14 receiving markets across Europe, Asia, Africa, and Latin America, and supporting domestic transfers in the United States. Plans are in place to further expand these services in the future.

📚 Test Your Knowledge:

Which financial service company has recently partnered with Mastercard to enable 24/7 cross-border debit payments?

Correct Answer: Citigroup

🚀 Quick Recap:

About Citigroup

  • CEO: Jane Fraser
  • Headquarters: New York