New York, NY- Citi today announced that its Global Transaction Services has enhanced its WorldLink(R) Payment Services capability in making payments in Chinese Renminbi (RMB). This new enhancement allows for a significant reduction in settlement time to as little as two days, which represents an improvement of more than a week. This reduced settlement timeframe offers one of the best clearing times available within the cross-border payments market.
Until recently, the Chinese Renminbi (RMB) was heavily regulated with trading restrictions. In 2009, the People's Bank of China (PBOC) commenced a controlled liberalization of the RMB currency. Continued expansion of this plan has allowed WorldLink Payment Services the opportunity to extend its capabilities in making cross-border payments in this currency.
Unlike other cross border payment providers, WorldLink has been effecting RMB payments to China for the past seven years. In 2010, WorldLink processed RMB payments for over 170 clients worldwide. Several clients currently sending U.S. Dollars into China are also expected to take advantage of WorldLink's new process to make RMB payments to approved corporations.
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