Citi and Bank of Shanghai Launch First-of-Its-Kind Payments Solution for International Travelers in China

Business Wire11-13

SHANGHAI, November 12, 2024--(BUSINESS WIRE)--Today, Citi (NYSE: C) and Bank of Shanghai launched a first-of-its-kind payments solution on Bank of Shanghai’s TourCard. The TourCard aims to provide ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2483630690?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/4zDDs4zIhBIDC1mLaU0XVg--~B/aD0zMTA7dz00ODA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/241895807add6968c8ed5ad5f3ce3927","is_english":true,"pubTime":"2024-11-13 06:00","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2483630690","market":"us","top_or_hot":-1,"title":"Citi and Bank of Shanghai Launch First-of-Its-Kind Payments Solution for International Travelers in China","media":"Business Wire","content":"<div>\n<p>SHANGHAI, November 12, 2024--(BUSINESS WIRE)--Today, Citi (NYSE: C) and Bank of Shanghai launched a first-of-its-kind payments solution on Bank of Shanghai’s TourCard. The TourCard aims to provide ...</p>\n\n<a href=\"https://finance.yahoo.com/news/citi-bank-shanghai-launch-first-220000351.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi and Bank of Shanghai Launch First-of-Its-Kind Payments Solution for International Travelers in China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti and Bank of Shanghai Launch First-of-Its-Kind Payments Solution for International Travelers in China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-13 06:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/citi-bank-shanghai-launch-first-220000351.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SHANGHAI, November 12, 2024--(BUSINESS WIRE)--Today, Citi (NYSE: C) and Bank of Shanghai launched a first-of-its-kind payments solution on Bank of Shanghai’s TourCard. The TourCard aims to provide ...</p>\n\n<a href=\"https://finance.yahoo.com/news/citi-bank-shanghai-launch-first-220000351.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GRO","symbol_name":"Brazil Potash Corp.","start_time":0,"source_url":"https://finance.yahoo.com/news/citi-bank-shanghai-launch-first-220000351.html","article_id":"2483630690","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/4zDDs4zIhBIDC1mLaU0XVg--~B/aD0zMTA7dz00ODA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/241895807add6968c8ed5ad5f3ce3927"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483630690","pubTimestamp":1731448800,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"SHANGHAI, November 12, 2024----Today, Citi  and Bank of Shanghai launched a first-of-its-kind payments solution on Bank of Shanghai’s TourCard. The TourCard aims to provide international travelers a straightforward, cost-efficient and more streamlined Chinese yuan renminbi  payment journey while traveling in China.The payment service is facilitated by Citi’s industry-leading USD Clearing solution and its full-value transfers, which ensures the final beneficiary receives their money at full value with no deductions. The innovation helps enable travelers to add funds to their TourCard digital account with Bank of Shanghai from another source, helping to make the payment experience smoother when settling expenses locally.\"Around the world, people are expecting more when they move money across borders – more speed, certainty and choice. This is a great example of how we are working with our community to raise the bar, enab","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GRO":"Brazil Potash Corp.","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","C":"花旗","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","CNY":"Morgan Stanley Market Vectors Renminbi USD","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","BK4227":"交易和支付处理服务","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","BK4566":"资本集团","LU1861217088.USD":"贝莱德金融科技A2","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","LU0106831901.USD":"贝莱德世界金融基金A2","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","FI":"费哲金融服务","BK4588":"碎股","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","BK4207":"综合性银行","LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","TRV":"旅行者财产险集团","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","BK4504":"桥水持仓","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC"},"translate_title":"花旗与上海银行为中国国际旅客推出首个支付解决方案","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TRV":1,"GRO":1,"FI":1,"CNY":1,"C":0.9},"content_text":"SHANGHAI, November 12, 2024--(BUSINESS WIRE)--Today, Citi (NYSE: C) and Bank of Shanghai launched a first-of-its-kind payments solution on Bank of Shanghai’s TourCard. The TourCard aims to provide international travelers a straightforward, cost-efficient and more streamlined Chinese yuan renminbi (CNY) payment journey while traveling in China.\nThe payment service is facilitated by Citi’s industry-leading USD Clearing solution and its full-value transfers, which ensures the final beneficiary receives their money at full value with no deductions. The innovation helps enable travelers to add funds to their TourCard digital account with Bank of Shanghai from another source, helping to make the payment experience smoother when settling expenses locally.\nMobile wallets have become the dominant payment method in China, with over 84% of users utilizing them for transactions in the past year. [1] However, international payments are often impacted by credit card acceptance issues, high interchange costs, and foreign exchange (FX) charges, causing friction in the process. With Bank of Shanghai’s TourCard solution powered by Citi, travelers can get access to local currency in China by linking a Bank of Shanghai CNY virtual account to their respective digital wallets in the Bank of Shanghai TourCard mini-app. The funding and final return of funds will happen through a Citi full-value transfer solution, powered by Swift Go and using Citi’s proprietary SwiftGo converter.\nSwift Go is Swift’s fast, secure and predictable low-value payments solution that offers end-to-end visibility on payment status, as well as transparency on fees and FX costs.\n\"Our collaboration with Bank of Shanghai provides an end-to-end solution for international travelers so they can enjoy their travel experience throughout China without having to worry about their payment method. This is another example of how our Services business continues to deliver integrated payments solutions for our clients and their customers.\" – Dawid Janas, Head of Global Clearing and FI Payments, Citi Services\nBank of Shanghai's TourCard is a prepaid card specifically designed for overseas travelers to make mobile payments in China. After they enter mainland China, overseas travelers can apply for a TourCard online via Bank of Shanghai or China-based digital wallet apps, and it is valid for 90 days from the date of issuance. Bank of Shanghai is the first bank approved by Chinese regulators for the TourCard flow.\n\"This innovative product we developed with Citi enriches the top-up channel of TourCard. We are convinced that our optimized service will enhance payment convenience and provide overseas travelers with an excellent mobile payment experience in China.\" – Hu Debin, Vice President and CIO, Bank of Shanghai\n\"Around the world, people are expecting more when they move money across borders – more speed, certainty and choice. This is a great example of how we are working with our community to raise the bar, enabling new options for financial institutions to elevate the experience for their customers.\" – Kevin Wong, Chief Executive, APAC, Swift\nCiti’s USD Clearing enables financial institutions (FI) to make USD payments across Citi's 1,500 FI customers globally, 24 hours a day, 7 days a week, including holidays in the United States. Citi now has more than 200 FI clients using its 24/7 USD Clearing service since 2022.\nAbout Citi\nCiti is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.\nAdditional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi\nAbout Bank of Shanghai\nWith 300+ outlets in top tier-1 cities in mainland China, Bank of Shanghai (BOS) also enjoys a global map of different types of partners. Through leveraging each party’s competitive edges, BOS provides comprehensive cross-border financial solutions to Chinese customers going abroad and foreign customers coming to China. To enhance customer experience, BOS has been focusing on developing innovative financial products and has rolled out multiple unique products well-known in the market.\nAdditional information may be found at www.bosc.cn.\nReferences\n\nGlobalData: Mobile wallets dominate China payment landscape with over 84% user adoption, reveals GlobalData\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241112572734/en/\nContacts\nMedia Contacts:\nCitiVictoria IfanVictoria.ifan@citi.com\nMarine Maomarine.mao@citi.com\nBank of ShanghaiTai Jiataijia@bosc.cn\nMei Yumeiyu@bosc.cn","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483630690"}