EBANX, a Brazilian fintech unicorn that processes payments for global companies in Latin America, and Citi’s Treasury and Trade Solutions (TTS), have announced a partnership to provide an end-to-end digital collection solution for Citi’s institutional clients in Latin America. Through the partnership, Citi’s institutional clients will be able to accept more than 100 consumer payments online methods provided by EBANX in 11 LatAm countries where the fintech operates.
The partnership covers Argentina, Colombia, Costa Rica, Ecuador, Dominican Republic, El Salvador, Guatemala, Panama, Paraguay, Peru, and Uruguay.
Now, Citi’s institutional merchants will be able to choose and contract payment methods offered by EBANX, such as credit cards, e-wallets, and instant and local payment methods, choosing those that best fit their business proposal. On the consumer side, customers will have access to their preferred payment methods easily.
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Paula Bellizia, president of Global Payments at EBANX, said the partnership with Citi, a leader company in global banking and financial services, is a crucial step for the Brazilian company. “We are thrilled to align with Citi in this agreement to strengthen our capabilities for local solutions for their merchants across Latin America. This is a crucial step forward in creating a more efficient, reliable, and flexible solution for each and every single global tech company that wants to reach more consumers across key markets in Latin America.”
According to Citi, which already offers a business digital consumer payments solution for corporate and institutional clients through its TTS in Brazil and Mexico, the collaboration will help Citi’s institutional clients in other Latin American countries increase payments acceptance and optimize local card processing, some competitive advantage in an increasingly fierce market after all.
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“As we focus on expanding our digital commerce footprint in today’s increasingly complex payments landscape, our mission is to deliver digitally enabled solutions that address the evolving needs of our diverse institutional client base, especially our direct-to-consumer (D2C) clients,” said Steve Donovan, head of Citi’s TTS in Latin America.
The companies’ initiative targets a huge contingent of businesses that need tools to meet growing demand from online shoppers. Data from the Beyond Borders study shows that by 2021, 68% of Latin American consumers were already e-commerce users – a rate far above the 45% of pre-pandemic years. The digital market in Latin America is projected to grow 30% per year until 2025, an acceleration comparable only to that of Asian markets.