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NEW YORK--(BUSINESS WIRE)--Oct. 31, 2000
Person-To-Person Payments Are First Step In Plan to Enable
Person-To-Anywhere Funds Transfers Through New Service
Citigroup (NYSE: C), the premier global financial services company, today launched the next phase of the consumer online payments revolution -- its person-to-anywhere (P2A) payments system. The launch phase of the new service, called c2it, allows for person-to-person (P2P) funds transfers online through Citibank. It is the only comprehensive payment service to be offered by a leading financial institution. c2it is available to any U.S.-based individual with an e-mail address.
"Consumers want to simplify their financial lives and are increasingly looking to the Internet as a solution," said Antony Jenkins, Chief Operating Officer for c2it. "With $billions in personal payments made each year, there clearly needed to be a paperless solution that enabled such transactions to be conducted online with the trust and confidence consumers want when it comes to their money. c2it is that solution."
Online P2P payments allow the transfer of funds between individuals for a range of personal business, such as repaying money borrowed from a friend, sending money to a student away at college, or chipping in with other family members to purchase a gift or pay for a vacation. c2it users can have funds transferred from a bank account, brokerage account or a credit card from any account from any financial institution. The recipient of the funds can choose to have the payment credited to any credit card, deposited into any bank account, or received in the form of a check. c2it is available to everyone, regardless of the financial institution with which they bank.
The c2it service is accessible by logging on to www.c2it.com. c2it users will, in the near future, benefit from easy access to a suite of other Citigroup financial products and services and financial management tools via links to several Citibank properties including MyCiti.com, Click Credit.com, and Account Online, among others.
"This new P2P payments capability is the foundation of our global consumer payments activities and is integral to our Internet strategy," commented Robert Willumstad, Vice Chairman, Global Consumer Group. "With Citibank's international presence and experience in payments processing, we are uniquely positioned to deliver our customers convenience, value, efficiency and reach as we evolve this service into a person-to-anywhere capability - to include purchases, account transfers and auctions. c2it is an example of our intent to use the new media and new alliances to enrich and expand our product offerings worldwide."
A key c2it partner is America Online, Inc. (NYSE: AOL), through a major strategic online financial alliance between Citigroup and AOL announced in July 2000. America Online will be offering the c2it service, under the brand name of "AOL Quick Cash," to its more than 28 million AOL and CompuServe members and the tens of millions of additional users of America Online's Web-based brands.
"c2it is setting the standard in online person-to-person payments. It's backed by Citibank which means customers get the infrastructure, customer service and security procedures and protections they can only get from an established financial services company," continued Mr. Jenkins. "Our presence in the online payments space has evolved out of our introduction last year of Click Credit, which is a virtual credit card for people looking for a more secure way to pay online. From there, we broadened our vision and realized the many possibilities to help people better use this space to make their lives easier. Consistent with that objective, we will make c2it widely available across the Web."
"Citibank is widely recognized as having popularized ATMs and credit cards. In fact, we now process over 2 billion credit card transactions per year," said Sami Siddiqui, CEO of c2it. "So we have a history of innovation, and the experience and vision to keep delivering products and services that will change the way people manage their financial lives. And that's how we see c2it. Just like with ATMs and credit cards, once people adopt this new way of transferring money, they won't know how they lived without it."
The launch of c2it will be supported by full-page ads in major market newspapers, and a plan that includes banner advertising, direct mail, email and a variety of other communications efforts.
Citibank plans to add new features and functions to c2it on an ongoing basis. "c2it is an important first step in Citibank's vision to offer payment services to anyone with online access, anytime, and anywhere," states Mr. Jenkins.
About Citigroup
Citigroup (NYSE:C), the most global financial services company, provides some 100 million consumers, corporations, governments and institutions in over 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney, CitiFinancial and Primerica under Citigroup's trademark red umbrella. Additional information may be found at http://www.citigroup.com.
Citigroup was a leader in making ATMs a norm in banking which transformed the way consumers access their money worldwide. Today, it offers consumers a wide range of products and services on the web and its award winning web banking and discount brokerage product - Direct Access - is available to consumers in 22 countries. Also, as the world's largest credit card company, with 97 million cards, it is the brand consumers use most often for web purchases. Other Citigroup products available to consumers on the web include loans, mortgages and insurance.
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