Citi’s Treasury and Trade Solutions is building a new business line that expands beyond B2B into merchant acquiring, with a focus on cross-border payments; the global payments market is growing, estimated to be $3tn by 2022, and Citi is looking to capture a share of that growth; it won’t be easy with recent mergers and stiff competition in Asia the global bank has a lot of work to do; “While Citi clearly has the global reach needed to be competitive, the question is whether it has the alacrity and flexibility to move quickly and compete head on with the fintechs,” Thad Peterson, a senior analyst at Aite, said to American banker; the new product will help set up Citi to become a payments hub that is regulatory compliant across multiple countries. Source.
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.