Citi teams up with Ebanx for ecommerce payments for institutional LatAm clients
Global bank Citi’s Treasury and Trade Solutions (TTS) has entered an agreement with global payment processor Ebanx to expand the ecommerce offering for Citi’s institutional clients in Latin America.
Through Ebanx’s platform, institutional merchants will be able to collect from a variety of payment methods, such as credit cards, e-wallets, and instant and local payment methods, while on the consumer side, customers will have access to their preferred payment methods through Ebanx.
Under the agreement, Citi’s clients will be able to accept more than 100 consumer payments online methods in 11 countries, including Argentina, Colombia, Guatemala, Paraguay and Peru.
“As we focus on expanding our digital commerce footprint in today’s increasingly complex payments landscape, our mission is to deliver digitally-enabled solutions that address the evolving needs of our diverse institutional client base, especially our direct-to-consumer (D2C) clients,” said Steve Donovan, head of TTS at Citi Latin America.
The latest collaboration supplements Citi’s existing offering in Brazil and Mexico, where Spring by CitiSM, the bank’s TTS business digital consumer payments solution for corporate and institutional clients, has been available since 2020 in Mexico and last year in Brazil.
Gabriel Kirestian, head of payments and receivables, TTS at Citi Latin America said the aim of the agreement is to “amplify” payment options for institutional clients with local and regional reach, “while building the foundation for a seamless value proposition experience”.
A recent study by Ebanx, called ‘Beyond Borders’, forecast that the ecommerce market in Latin America will grow by more than 30% in 2022.
Ebanx president of global payments Paula Bellizia added: “We are thrilled to align with them in this agreement to strengthen our capabilities for local solutions for their merchants across Latin America.
“This is a crucial step forward in creating a more efficient, reliable and flexible solution for each and every single global tech company that wants to reach more consumers across key markets in Latin America.”