Citi PH celebrates reappointment as domestic settlement bank for US dollars

Citi Philippines was reappointed as the sole settlement bank for the Philippine Domestic Dollar Transfer System (PDDTS), marking its 23rd year of partnership with the Bankers Association of the Philippines (BAP).

Citi has held this position since the inception of PDDTS in 1994, and over the last two decades has enabled efficient settlement. Every three years, BAP leads the selection of the settlement bank role through careful evaluation of key areas of the service.

Citi Philippines CEO Aftab Ahmed thanked the franchise’s partners, “We thank you for your trust in Citi and for your vote of confidence in continuing to have us perform the settlement bank role for all US$ real-time gross settlement transactions, US$ netting transactions, as well as settlement of US$ leg of interbank USD/Php foreign exchange transactions in the country. This mandate demonstrates Citi’s leadership in market-leading cash management solutions.”

Citi Asia Pacific Treasury and Trade Solutions Head Rajesh Mehta led a toast to the partners and said, “We remain deeply committed to support and collaborate with the Philippines and our partners, as we have for the past 23 years. As the country’s payment landscape continues to evolve, we aim to further improve the efficiency of the PDDTS and bring new ideas and solutions, leveraging on our experience in serving clients across more than 160 countries.”

BAP Operations Committee Chairman Abraham Co congratulated Citi for the three-year extension of its mandate and its improvements.

PCHC President and CEO Noel Barcena said, “Cheers to the renewed partnership! As your most trusted 3rd party service provider, the Philippine Clearing House will consistently fulfill its dedicated commitment to serve not only Citibank but all its member banks participating in the nationwide clearing of both peso and dollar denominated electronic fund transfers/ exchanges. We continue to strive in making our payment gateway world class.”

PSSC Chairman & CEO Cesar Crisol stated, “We at PDS are proud to stand as partners with the banking community in these types of community-based commitments. The PDDTS infrastructure is pushing its third decade and we are hopeful to see continued partnership with the BAP, Citibank and PCHC as we ourselves stand at the cusp of a new beginning.”

The PDDTS mandate is from August 17, 2017 to August 16, 2020.