Citigroup Global Transaction Services and Transaktionsinstitut Zahlungsverkehrsdienstleistungen have agreed on a strategic partnership. Citigroup will process its German national payments through Transaktionsinstitut from late summer 2005 onwards. The migration has begun in April 2005 and will be completed during the course of the third quarter of 2005.
Michael Steinbach, CEO of Transaktionsinstitut, says: “This strategic cooperation with the world’s largest financial institution emphasises our market position and our ability to deliver. This is a further important step for Transaktionsinstitut in positioning itself as a leading payment service provider operating in Germany and Europe and across banking sectors.”
Both institutions have firmly expressed their wish to extend their cooperation in the future.
Commenting on the strategic significance of this transaction, Helmut Gottlieb, head of Citigroup global transaction services for Germany, Austria, and Switzerland says: “We are very excited about the strategic alliance with Transaktionsinstitut in Germany, a key growth market for Citigroup.”
“Working with Transaktionsinstitut, we gain access to their market-leading payments processing platform for Euro payments. This will strengthen our proposition to our global clients in Germany.”