MANILA, Philippines - Citi Philippines was reappointed as the sole settlement bank for the Philippines Domestic Dollar Transfer System (PDDTS).
This is the 20th year of Citi's 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 served as the exclusive bank serving the bulk of the foreign exchange transactions of the banking industry.
Citi Philippines CEO Batara Sianturi thanked the BAP for its continued confidence in Citi.
"As an institution, we take great pride in having introduced this innovation two decades ago, and we are humbled by your continued trust in Citi to take on this role for the Philippine banking industry," he said.
“Much has changed in banking from the time we introduced this platform – the landscape is certainly different, technology is evolving everyday but some things remain unchanged – and one of them is our commitment to provide more value, even better service and improved efficiency to all the member banks. With this new mandate, Citi will continue to collaborate with our partners: the BAP, PSSC and PCHC to further improve the efficiency of the PDDTS and quality of service to member banks."
BAP President Lorenzo Tan congratulated Citi for the 3-year extension of its partnership.
"Citi has provided a lot of significant changes in the way we do business. It means a lot to our customers, it means a lot to our corporates, and I’d like to continue this excellent partnership for the next three years, maybe more," Tan said.
As the sole settlement bank for PDDTS, Citi acts as the clearing agent for real-time gross settlement (RTGS) transactions in the Philippines, providing settlement for all US Dollar RTGS transactions, US Dollar netting transactions and all payment versus payment foreign exchange transactions. Citi declared it will continue to invest in this product, providing partners with quality service from a dedicated cross-functional team.