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XRPboi

Citigroup and Mastercard Connections and Solutions

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Not sure if any of this information has been posted yet.

 

The following article was posted in March 2019: https://fortune.com/2019/03/26/citigroup-is-starting-a-payments-unit/

 

Quote

Citigroup is launching a new payments unit that will offer merchants consumer payment options such as credit cards, digital wallets, and direct bank account transfers.

Citigroup is reportedly partnering with payments firms including Mastercard for the new offering. Mastercard will provide some of the back-end connections and processing for merchants, The Wall Street Journal reports.

“Our mission is to power frictionless payment acceptance with nimble technology. We want to extend our leadership beyond the B2B payment space by developing capabilities to enable institutions to collect from consumers in a globally consistent and seamless fashion,” said Naveed Sultan, Global Head of Citi’s Treasury and Trade Solutions said in a prepared statement.

 

And from the official press release: https://www.citigroup.com/citi/news/2019/190326a.htm

 

Quote

Under this umbrella, a new planned service will be made available to offer institutional merchants the ability to collect from a wide range of payment methods including cards, e-wallets and new and innovative bank transfers such as Request to Pay and Open Bankingas they gain traction. In turn, their consumers will have access to a wide variety of payments methods of their choice.

As part of this new digital consumer payments business, Citi has chosen Mastercard Payment Gateway Services, which is integrated with numerous acquirers and e-wallets globally. Additionally, Citi will enable connectivity with its proprietary transaction services and FX businesses to further enhance the offering. Citi has expanded its global payments network by establishing direct connections to new instant payment schemes in over 20 countries and is continuing to invest in these connections globally. As an example, Citi was the first corporate bank to connect to Open Banking in the United Kingdom.

The solution is acquiring-agnostic providing institutions the opportunity to bring their existing acquiring connections onto the gateway. Citi’s direct memberships in over 250 clearing systems will help institutions more efficiently optimize end-to-end transaction services, from consumer payments to global disbursements. Citi is also collaborating with leading fintechs to incorporate up to 140 alternative payment methods into the service.

Citi chose to leverage Mastercard Payment Gateway Services to combine the assets of both companies to bring a comprehensive solution to the market.


Speaking of Mastercard Payment Gateway Services, lets check out the video on their main landing page: https://www.mastercard.com/gateway/about.html


At :20 - "We enable merchants to accept consumer payments from multiple brands all over the world through any channel, with a trusted technology that consumers don't see.

At :32 - "It only takes a second to make a payment, but in that time, a lot can happen.

At 1:15 - "Allows merchants with quick, highly secure, and effective ways for to accept digital payments from any connected device, anywhere in the world.

At 1:20 - "And for acquiring banks and technology partners, we have custom built gateway solutions that can be fully branded, configured, and resold as their own, providing additional value to their own merchant banks.

At 1:43 - "It seamlessly connects all key players in the digital commerce ecosystem, and that allows our clients to enhance billions more payment experiences all over the world."

At 1:50 - "With market-leading gateway access, and MasterCards investments in safety, security, and innovation, we are committed to enabling a digital payments world beyond cash.
 

And as a refresher, Volcalink, Earthport, and MasterCard all have direct ties to Ripple. Mastercard also has direct ties to MoneyGram (as well as Visa), and Mastercard/MoneyGram have direct ties to sending money over Facebook Messenger.

I am looking forward to the day that this all begins converging together.

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4 hours ago, quan said:

The services could be already connected with Interledger. 

 

When will ILP connect to the XRPL in a way that allows retail to interact with it?

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