WorldLink® Payment Services
Frequently Asked Questions
- What is WorldLink® Payment Services?
- How many currencies of Funds Transfers can WorldLink support?
- Is it possible to stop a WorldLink funds transfer?
- Why would a notification have been sent that the funds transfer requires more information?
- If I already have the capability to send wires in multiple currencies, why do I need WorldLink Payment Services?
- How many currencies can WorldLink support for remote checks and onsite checks?
- What are the benefits of WorldLink checks?
- What is the difference between a WorldLink remote check and onsite check?
- Can any customer have onsite checks?
- How can a customer issue WorldLink onsite checks?
- Is it possible to stop a WorldLink check?
- What are WorldLink ACH payments?
- What are the benefits of ACH via WorldLink?
- For what type of payments would I use WorldLink ACH?
- How can I initiate WorldLink ACH payments?
- If I already have WorldLink, how do I add ACH capability?
- Is it possible to stop or recall an ACH payment?
- How does WorldLink ACH compare to normal Funds Transfers?
- What WorldLink payment options are available on CitiDirect® Online Banking?
- I travel a lot. Can I access WorldLink from the road?
- How does the WorldLink foreign exchange process work on CitiDirect?
- How is a stop payment, photocopy, or other service request made on CitiDirect?
- Does CitiDirect support WorldLink for all languages offered?
- Can WorldLink payments reports be imported and reports exported in CitiDirect?
- What WorldLink payment options are available on File?
- What are the different File platforms that support WorldLink payments?
- How does the WorldLink foreign exchange process work on File?
- How is a stop payment, photocopy, or other service request made on File?
- What WorldLink payment options are available on SWIFT™?
- How does the WorldLink foreign exchange process work on SWIFT?
- How is a stop payment, photocopy, or other service request made on SWIFT?
- How do I get started using WorldLink Payment Services?
- I don’t bank at Citi – can I still use WorldLink Payment Services?
- Do I need to set up a credit line in order to use WorldLink?
- How will I find out about product updates or changes concerning currencies?
- Where is WorldLink Payment Services located?
Q. What is WorldLink® Payment Services?
A. WorldLink® Payment Services is Citi’s global product and network that offers a complete cross-border payments solution serving corporations, financial institutions and the public sector. WorldLink makes it easy to pay your vendors, suppliers, distributors, agents, pensioners, shareholders and other recipients - for a countless number of business applications in the currencies of their choice, without you having to maintain multiple foreign currency accounts.
Q. How many currencies of Funds Transfers can WorldLink support?
A. WorldLink supports payments in 135 currencies and is continuously adding additional currencies when appropriate.
Q. Is it possible to stop a WorldLink funds transfer?
A. Funds transfers can be stopped on a best efforts basis only, which means that we will do all we can to stop the payment but cannot guarantee it will be stopped. We may be unable to stop a funds transfer due to the fact that they are generally cleared within two days or less and once the payment has been released to the clearing system, it cannot be reversed without the beneficiary’s consent.
Q. Why would a notification have been sent that the funds transfer requires more information?
A. One of the benefits of using WorldLink is the global network, which supports us in processing payments. Whenever a funds transfer has an error, WorldLink’s global operations team will make a best efforts attempt to repair the item. Unfortunately, sometimes a repair is not possible and WorldLink requires a bit more information in order for the payment to be processed.
Q. If I already have the capability to send wires in multiple currencies, why do I need WorldLink Payment Services?
A. If you send a USD chips wire to a local currency account, the beneficiary bank will convert the funds at an F/X rate of their choosing; usually a consumer rate. They can also hold the funds for several days before making it available to your beneficiary.
Q. How many currencies can WorldLink support for remote checks and onsite checks?
A. WorldLink supports 30 currencies for remote checks and 16 currencies for onsite checks.
Q. What are the benefits of WorldLink checks?
A. WorldLink checks have three distinct benefits. First, WorldLink checks are localized* in most situations, which generally results in the checks being subject to no or very low lifting fees. Second, the security enhancements on WorldLink checks such as watermarks, encryption, special check stock, along with the WorldLink Match Pay process help reduce fraud. Third, WorldLink checks can be customized with customer's logo, address, etc.
Q. What is the difference between a WorldLink remote check and onsite check?
A. A WorldLink remote check is a check that WorldLink prints at one of its printing locations - Dublin, New York, or Singapore - and is delivered to you or your beneficiary. WorldLink onsite checks are checks drawn on a WorldLink account, but printed by the client on their premises.
Q. Can any customer have onsite checks?
A. WorldLink onsite checks require a WorldLink credit facility. To see if you can benefit from this offering, contact you customer service representative today.
Q. How can a customer issue WorldLink onsite checks?
A. WorldLink onsite checks can be created via CitiDirect, File transmission or SWIFT, and printed on your equipment.
Q. Is it possible to stop a WorldLink check?
A. Yes, assuming the check has not already cleared. Customers can request a stop through CitiDirect, SWIFT (MT111), or by calling customer service.
Q. What are WorldLink ACH payments?
A. ACH/Giro are general terms that WorldLink uses to refer to electronic payments that are processed through the local country clearing systems, rather than the traditional funds transfer payments that clear through regional clearing systems, such as CHIPS or EBA. ACH is intended for low value payments but more and more large payments are being processed through local ACH systems. ACH is also intended for non-urgent payments as they are processed with value date of 2-5 days depending on country processing rules. The "standard" ACH offering requires a customer to maintain an account in every country where payments will be made. However, by using WorldLink, the customer has access to ACH payments from only a single funding account in one of 20 currencies.
Q. What are the benefits of ACH via WorldLink?
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Q. For what type of payments would I use WorldLink ACH?
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You can use WorldLink for a variety of payments including:
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Q. How can I initiate WorldLink ACH payments?
A. WorldLink ACH Payments can be initiated via CitiDirect, File Transmission and SWIFT.
Q. If I already have WorldLink, how do I add ACH capability?
A. If you already have WorldLink, then adding ACH can be as easy as turning on a switch in most cases. Please contact your relationship manager to activate ACH and to identify if any additional requirements would apply. For file transmission customers, additional file specifications and testing may be necessary. Minimum volume for file transmission customers, additional file thresholds per currency may apply.
Q. Is it possible to stop or recall an ACH payment?
A. WorldLink ACH payments can be stopped on a best efforts basis. However, an advantage of ACH payments is that these payments can typically be recalled per the rules of each individual country to where the payment is made. Please contact your customer service representative to initiate a stop payment or to recall a payment.
Q. How does WorldLink ACH compare to normal Funds Transfers?
A. Increasingly, electronic payments are being made into the local clearing systems rather than the traditional SWIFT route through regional systems. There are advantages of using the local clearing systems (ACH) such as reduced costs including reduced lifting fees. However, there are also disadvantages such as value limitations, timing, inability to repair payments, and service support limitations.
CitiDirect
Q. What WorldLink payment options are available on CitiDirect® Online Banking?
A. CitiDirect Online Banking supports Fund Transfers, ACH, Remote and Onsite Checks. Customers must be entitled to each payment type before it is made available on CitiDirect.
Q. I travel a lot. Can I access WorldLink from the road?
A. Yes, if you’ve chosen to use WorldLink through CitiDirect Online Banking. Because it’s browser-based, you can get secure access to WorldLink from any computer. Of course, your connection to WorldLink is still protected by multi-layered security including dynamic passwords, encryption, and authorization controls, so your information stays safe wherever you are.
Q. How does the WorldLink foreign exchange process work on CitiDirect?
A. The WorldLink foreign exchange process is robustly supported via CitiDirect as customers have access to WorldLink’s Online Rates (OLR) system. Customers can also call a WorldLink foreign exchange specialist for a rate and can enter the rate and booked FX contract on CitiDirect.
Q. How is a stop payment, photocopy, or other service request made on CitiDirect?
A. WorldLink service requests can be made through CitiDirect Service for Payments module or through a call to customer service.
Q. Does CitiDirect support WorldLink for all languages offered?
A. Yes, CitiDirect supports WorldLink for all languages offered.
Q. Can WorldLink payments be imported and reports exported in CitiDirect?
A. Yes, WorldLink can support file import and export in CitiDirect. WorldLink is supported in several different file formats. Contact your Electronic Banking support to identify the best file format for you.
File Transmission
Q. What WorldLink payment options are available on File?
A. All WorldLink Payment options are available via File Transmission.
Q. What are the different File platforms that support WorldLink payments?
A. WorldLink is supported by a direct host-to-host connection or through CPS (North America), IMPS (Europe), or CFS.
Q. How does the WorldLink foreign exchange process work on File?
A. WorldLink automatically applies foreign exchange against the aggregated foreign exchange requirement. The pricing applied can be based on Contractual pricing when the customer requires such commitment.
Q. How is a stop payment, photocopy, or other service request made on File?
A. WorldLink service requests can be made through CitiDirect Service for Payments module or through a call to customer service.
SWIFT
Q. What WorldLink payment options are available on SWIFT™?
A. All WorldLink Payment options are available via SWIFT. Funds transfers and remote checks are initiated via a MT103 and onsite check issuances are notified via MT110. Customers must be entitled to each payment type before it is made available on SWIFT.
Q. How does the WorldLink foreign exchange process work on SWIFT?
A. Most SWIFT customers receive a Daily Rate, which is a rate guaranteed throughout the day. This rate is guaranteed up to a certain amount or threshold. SWIFT customers can also call a Foreign Exchange representative for a real-time rate. It should be noted that SWIFT customers must choose one or the other rate process as they cannot switch between Daily rates and calling a trader.
Q. How is a stop payment, photocopy, or other service request made on SWIFT?
A. WorldLink service requests can be made through SWIFT MT111 or through a call to customer service.
Q. How do I get started using WorldLink Payment Services?
A. We’ll work with you to ensure that WorldLink fulfills your specific cross-border payment needs. A Citi representative will discuss the best way for you to communicate your payment instructions to us, the account or accounts you will use to fund your payments, and the way you will obtain foreign exchange rates for payments not in the currency of your account.
Whether you use CitiDirect, File Transmission or SWIFT, you’ll find that WorldLink Multicurrency Transaction Services is designed to work within your existing procedures. If you decide to communicate via file transmission, a Citi representative will work with you to set up and test your files. If you use SWIFT, then we'll work with you on how to format your SWIFT messages. WorldLink through CitiDirect Online Banking offers a comprehensive, interactive tutorial. And once you're up and running, you'll find help just a keystroke away, with a comprehensive "Help" system that provides field definitions, window descriptions, procedures and a glossary.
Q. I don’t bank at Citibank - can I still use WorldLink Payment Services?>
A. Yes. You don’t need to hold a bank account at Citi to take advantage of the benefits of WorldLink. WorldLink Payment Services is unique. It works smoothly and efficiently whether you have a Citi account or not. When you use WorldLink, you do not make WorldLink payments from your demand deposit accounts (DDA). Rather, Citibank issues all payment types from its own accounts in the currency of issuance. You remit payment to Citi, from the account you hold with your current bank, for your WorldLink activities.
Q. Do I need to set up a credit line in order to use WorldLink?
A. Credit lines are not generally required for most customers except under the following circumstances:
- Customer has special operational process that would hold up processing without credit line
- Onsite check customers
- Same day wire customers
Q. How will I find out about product updates or changes concerning currencies?
A. WorldLink Payment Services has been designed to easily adapt to changes (availability of new currencies, country formatting updates etc.). WorldLink through CitiDirect Online Banking features automatic software updates so you're never out of date. You’ll also be notified of formatting changes by mailings as well as online at our Web site. And as we continue to add new features and improve functionality, you’ll be notified of that, as well.
Q. Where is WorldLink Payment Services located?
A. WorldLink Payment Services has dedicated operation centers in Dublin, Buffalo and Mumbai, but our global support network features local service hubs around the world. We have global foreign exchange capability with trading desks in New York, Dublin and Singapore. We also have global check disbursement centers in New York, Dublin and Singapore. And of course, WorldLink® Payment Services is a part of Citi's global network, which serves 37,000 companies and financial institutions worldwide, and processes $1 trillion of financial transactions each day.
