Citi and Network International have formed a referral agreement in which Network will provide omnichannel payment acceptance solutions to the bank’s large enterprise customers across the Middle East and Africa (MEA).
Network International’s payment platform offers a variety of payment methods, enhanced transaction efficiency, increased security and seamless payment integration capabilities, the companies said in a Monday (Aug. 19) press release.
“We are confident that this referral arrangement will enable Citi to provide more comprehensive corporate banking services to their valued clients, while enabling Network to strengthen its leadership in the digital payments landscape in MEA region,” Jamal Al Nassai, group managing director, merchant services at Network International, said in the release.
Nearly 1,100 of the leading multinationals active in the Middle East bank with Citi Treasury and Trade Solutions (TTS), as do more than 400 firms that are headquartered in the region and have global or multicountry aspirations, according to the release.
Citi’s referral agreement with Network International reinforces the bank’s commitment to investing in its capabilities in the region, Vivek Vaidyanathan, Citi TTS head, Middle East and Pakistan, said in the release.
“As clients’ business models evolve and the need for digital collections solutions take center stage, this collaboration perfectly aligns with our strategy to provide solutions to our clients,” Vaidyanathan said.
“By collaborating with a leading regional player such as Network International, we are able to offer seamless market-relevant payment experiences thereby helping businesses to optimize their marketplace payments, business-to-business and direct-to-consumer transaction flows.”
In another recent move, Network International said in July that it launched new Business Payment Solutions for companies in the United Arab Emirates (UAE) in partnership with Mastercard.
These solutions include card offerings, expense management and virtual cards, enabling Network International’s clients in the UAE to digitize business expenses, streamline payables and receivables processes, enhance payment security and improve cash flow.
In September 2023, Network International teamed up with J.P. Morgan Payments to bolster the bank’s acquiring services.
The partnership will allow J.P. Morgan Payments to expand and complement its existing payment offerings in MEA, a region that is crucial for its payments business.
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