(Alliance News) - Equals Group PLC said Thursday it has entered into a "global relationship" with US banking giant Citigroup Inc.
Equals, formerly FairFX, is teaming up with Citi's Commercial Bank to enhance the lender's current product offering and heighten efficiencies, it said.
"Citi has local settlement and clearance capabilities for payments in over 90 countries, which together will improve the customer experience through faster settlement and deliver improved economics for Equals in terms of reduced transaction costs," added Equals.
The e-banking and payments company said the partnership will also "significantly" increase the number of currencies Equals can offer clients, with Citi's WorldLink platform offering more than 135 currencies.
"We are delighted to have partnered with a global banking brand like Citi. This demonstrates our desire for innovation and commitment to providing best in class services to our clients. Partnering with Citi not only allows us to offer local clearing and settlement across the globe, but their WorldLink platform also has many other exciting pieces of functionality which will create efficiencies for the Group and our clients," said Equals Chief Executive James Hickman.
Shares in Equals Group were 6.4% higher in London on Thursday at 128.70 pence each.
Equals Gp (EQLS)