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permanent tsb Partners with Citi London for SEPA processing

permanent tsb today announced its intention to commence the migration of its domestic clearing volumes from the Irish Legacy scheme to the SEPA Credit Transfer and Direct Debits schemes, using Citi's SEPA platform and Indirect Participant offering. This migration will provide permanent tsb’s clients with full access to the SEPA schemes ahead of the February 2014 end date. Under the agreement, Citi expects to process approximately 45 million transactions annually on behalf of permanent tsb.

Toby Clements, Chief Operating Officer, permanent tsb said, “We are very pleased to be able to provide our account-holders with the full range of SEPA Services, providing our clients access to low cost payments and receivables across the Single Euro Payments Area. Citi is our correspondent banking partner of choice. We have been able to use their extensive investment in SEPA capabilities to quickly and easily offer this landmark service to our clients."

Rajesh Mehta, Head of Citi's Treasury and Trade Solutions in Europe, Middle East and Africa said, "permanent tsb is reaching an important milestone in being able to provide the full suite of SEPA services to their clients. We are delighted that permanent tsb has chosen Citi as their correspondent banking partner to deliver SEPA solutions to the Irish market, and facilitate a greater integration with the rest of the European Union".

Citi Treasury and Trade Solutions' financial institutions payments offering delivers more than $2 trillion in payments daily into 180 countries, across 130 currencies, on behalf of our clients. This comprehensive solution set provides a globally consistent payments experience for our clients wherever they do business.

Citi provides the tools, experience and insights that help clients optimize their flows and navigate the risks associated with an increasingly complex yet interconnected international payments landscape. In recognition or its activity, Citi has been awarded the “Distinguished Provider of Transaction Banking Services” designation by FImetrix, LLC, a leading market research firm for Financial Institutions on the basis of an industry-wide analysis of customer satisfaction.