Citi and PAObank have partnered to enable PAObank to offer a real-time foreign exchange (FX) service for its retail customers.
The service allows transactions in Hong Kong dollars, US dollars, and Renminbi on a 24/7 basis, with plans to extend it to additional currencies.
While the service is supported by Citi’s platform, it is provided directly by PAObank to its end customers.
Through Citi’s FX API (Application Programming Interface), PAObank can allow retail customers to conduct FX transactions via its Mobile Banking App.
The system fully automates the process, debiting and crediting customer accounts in real time.
Citi’s FX API plugs directly into clients’ existing systems and processes.
It provides access to over 100 currencies, allowing institutions to offer FX services without developing their own infrastructure or in-house FX trading capabilities.
“For over a decade, Citi’s FX API solutions have been helping financial institutions and payment intermediaries drive their businesses forward, enabling them to offer FX and cross-border payment services to their end customers,”
said Darren Brighton, Global Head of Digital FX Sales at Citi.
Kenneth Tsoi, Head of General Banking Product at PAObank, said:
“This collaboration strengthens PAObank’s ability to deliver seamless banking services and reflects our commitment to enhancing customer experience and advancing digital banking in Hong Kong.”
The partnership provides PAObank with access to Citi’s FX capabilities while allowing the bank to offer direct services to its retail customers.
Featured image credit: Edited by Fintech News Hong Kong, based on image by lifeforstock via Freepik