Citi Philippines marks its 26th year of service to the industry as the country’s sole settlement bank for domestic dollar transfers.
Citi Philippines was selected through a bidding process conducted by the Bankers Association of the Philippines (BAP).
BAP oversees the selection of industry players who can support the banking industry in the efficient clearing and settlement of dollar transfers domestically.
The selection is based on the key criteria of efficient operations and service as well as credit availability.
“Citi is strongly committed to delivering full operational availability and best-in-class solutions to member banks. This mandate represents our 26th year as the sole settlement bank for domestic dollar transfers and we look forward to continue servicing the banking industry,” Citi Philippines CEO Aftab Ahmed said.
“This 2020, the Bankers Association of the Philippines is completing its third decade of implementing the Philippine Domestic Dollar Transfer System. We are looking forward to a continuing partnership with Citibank as the settlement bank and welcome the Philippine Clearing House Corporation as the PDDTS operator commencing August 17, 2020. The BAP and its reputable partners are fully committed to pursuing efficient and effective banking services,” BAP President Cezar P. Consing said.
Clearing of the domestic dollar transfers will be performed by the Philippine Clearing House Corporation (PCHC), having been appointed likewise by the BAP as the sole clearing operator.
PCHC has been the country’s clearing operator for checks since 1980,and for electronic peso transfers via PESONet since 2017.
The appointment of Citi Philippines and PCHC, as the settlement bank and clearing operator, respectively, will take effect on August 17, 2020 and will end in five years.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
