UK - American financial service provider Citigroup's Global Transaction Services has struck a deal with UK pensions administrator Paymaster to provide the firm with international payments services.
The firm will "support electronic payments through its market leading Worldlink Payment Services," allowing the processing of international payment services to clients.
According to the administrator "more than 2m pensioners throughout the world rely on Paymaster to pay their pensions, with transaction values exceeding £7bn (€10.5bn) every year."
Wordlink, the international payment services platform, which is also being used by the Department of Work & Pensions, was chosen due to Citigroup's large international reach, a spokesperson for the bank said.
Paymaster, recently named as administrator for Edmund Truell's new pensions buyout firm Pension Insurance Corp, said that it chose "the bank with the largest international network to deliver a market leading international payments services that is fully integrated with the services that we off to public and private sector clients".
Earlier this month, IPE reported about Citigroup Global Transaction Services' appointment to build an investment platform for Aegon The Netherlands, which will enable the Dutch insurance and pensions company to pursue a range of asset strategies across multiple jurisdictions.
Citigroup has also announced a partnerships with the Chinese National Council for Social Security Fund (NCSSF).
The bank will provide custody services for the overseas investments of the Bejing-based fund, which was established in late 2000 as a strategic reserve fund accumulated by the central government to support future social security expenditures. At the end of 2005, the NCSSF had assets of $25bn (€20bn).