Citi Services launches PayTo initiator for institutional clients

The bank’s clients can initiate account-to-account payments from the service.

Citi has launched PayTo initiator, which enables its institutional clients to initiate account-to-account pull payments.

Citi’s clients’ customers can pay directly from their bank account in real-time, the bank said in a press release.

PayTo can be used for everyday transactions such as in-app payments or e-commerce payments, outsourced payroll, utility bills, flight bookings, subscriptions and digital wallet top-ups.

The bank expects strong take-up of the service, said Kirstin Renner, Citi Australia and New Zealand head of treasury and trade solutions, Services.

Services serve 19,000 clients, including 85% of the Fortune 500. It generates over half of Citi’s deposits and processes close to $5t every day.