Processing Hours Extended for Funds Transfer to Coincide with Expanding Hours at Fedwire and CHIPS
Extension coincides with expanded hours at Fedwire and CHIPS
New York, May 17, 2004 – Citigroup Global Transaction Services, a unit of Citigroup and a leader in transaction processing, announced today that they would extend funds transfer processing hours for both sending and receiving transactions by three and one half hours. The longer operating hours will benefit clients doing business in and with the Asia Pacific, Middle East and Eastern European markets and coincides with new opening hours for the Federal Reserve’s Fedwire Funds Service and the Clearing House for Interbank Payment Services (CHIPS). Both clearing systems are opening three and one-half hours earlier to achieve greater overlap with the operating hours for wholesale payment systems in the U.S. and Asia Pacific.
“The new extended hours provide our clients in Asia, for example, with greater control over their business and cash flow as they can now receive their U.S. dollar payments during Asian business hours rather than having to wait until the next day,” said Anthony Nappi, Asia Cash Management Head, Citigroup Global Transaction Services.
Sending and receiving transactions in the early opening hours will provide clients with more convenience and better use of liquidity. Clients that sign up for the expanded operating hours process will receive debit and credit advices in real-time and will be charged no additional fee for payments made in the expanded operating hours. The business day for funds transfer now begins at 9:00 PM EST the previous day (compared to the previous 12:30 AM EST); closing hours remain unchanged.
About Citigroup
Citigroup (NYSE: C), the preeminent global financial services company
with some 200 million customer accounts in more than 100 countries,
provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, insurance, securities
brokerage, and asset management. Major brand names under Citigroup’s
trademark red umbrella include Citibank, CitiFinancial, Primerica,
Smith Barney, Banamex, and Travelers Life and Annuity. Additional
information may be found at: www.citigroup.com.
About Citigroup Global Transaction Services
Citigroup® Global Transaction Services is a leading provider of integrated cash management, trade and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $ 115 billion in average liability balances, more than $ 6.7 trillion in assets under custody and the largest proprietary branch network, Citigroup’s award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup® Global Transaction Services provides clients with access to Citigroup’s full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com.
Citigroup Global Transaction Services is part of Citigroup's global corporate and investment banking group, which provides complete financial solutions to corporations, governments and institutional investors in more than 100 countries. Award-winning businesses include corporate and investment banking, sales and trading, transaction services, commercial finance and insurance products. Additional information can be found at: www.citigroupgcib.com
