Citibank (China) has become one of the first foreign-invested lenders in China to connect its corporate accounts to the the Chinese central bank’s NetsUnion Clearing Corporation (NUCC) clearinghouse platform for third party payments.
Citibank announced on 8 March that it had connected corporate accounts to NUCC, enabling corporate clients to directly receive payments for e-commerce sales via the platform.
According to a report from Shanghai Securities Journal Citibank is one of the first foreign-invested banks in China to support fund transfers and settlement for corporate clients via NUCC.
“We are very happy that Citibank China has become one of the first foreign-invested banks to join NUCC and provide corporate clients with online payment acceptance services,” said Pei Yigen (裴奕根), Managing Director and Country Head of Citi Treasury and Trade Solutions in China.
“By means of the NUCC platform as well as Citibank’s global, unified electronic platform and experience with serving the local market, we are confident that Citibank China will be able to provide more effective and convenient fund clearance and settlement products and services to retail, corporate and institutional clients.”
Citibank China has already connected its retail accounts to the NUCC platform, which provides for centralised processing and settlement of all third party payments operations in China.