If you are a duly licensed Payment Service Provider (PSP) we can help you to connect to Citi and, where appropriate, to connect directly to the UK's central payment systems.
This webpage contains information on the indirect CHAPS access services we offer to PSPs ('the Indirect Access Services').
Contact details:
New Customers: If you are not already a Citi customer and wish to enquire about Citi Indirect Access Services, in the first instance please contact Sharronjeet Khela at: clearing.indirect.access@citi.com
Please include the name of your organisation, your contact details and a brief description of the type of Indirect Access Services you are interested in. We will only use this information to provide a response to your specific enquiry.
Existing Customers: If you are an existing Citi customer, please contact your Relationship Manager or your Client Service Manager to discuss your requirements.
Registered Office Address: Citibank NA, Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB
Eligibility Criteria:
In order to apply for Citi Indirect Access Services, you must:
- be a customer of Citi and have completed our risk-based criteria for customer selection;
- be registered with, or authorised by, the UK Financial Conduct Authority (FCA) for activities that include provision of payment services or be an EEA-pass ported Payment Service Provider;
- have an operational and business model that Citi, in its sole discretion, deem satisfactory;
- have an Anti-Money Laundering (AML) Policy in place that Citi, in its sole discretion, deem satisfactory. This AML Policy should include Anti-Bribery and Corruption, Sanctions (including OFAC, United Nations (UN), European Union (EU) and UK HM Treasury) and Terrorist Financing; and
- meet our minimum revenue thresholds (where applicable).
Next Steps:
- Citi will review your requirements in detail and advise what, if any, further information will be required from you to process your application for Indirect Direct Access Services. Please see the below list for an overview of the type of information you may be required to provide. Citi may request further information if it decides, in its sole discretion, that further information is required. It is important that we consider whether Indirect Access Services are appropriate for you. Citi will only accept your completed application if we are able to fully meet your requirements and said requirements are aligned with applicable regulatory and legal obligations.
- If the eligibility criteria are met, your application will be submitted to the relevant Citi Committees for review and approval. Please allow for up to 12 weeks from the receipt of your initial e-mail for completion of these first 2 steps.
- Upon approval of your application, your request will move to next stage, which will comprise of fulfilment of KYC requirements, as well as account opening and technical setups. These stages will take approximately 26 to 40 weeks.
- You will be required to review and accept our standard account opening documentation package, as well as any other terms and conditions that maybe required for indirect access to systems.
The following are examples of the type of information we may request from you at different stages of the application, to inform our decision:
- Description of the nature of your business
- Confirmation of, or evidence of application for, authorisation by the FCA (or equivalent EEA Authority) for payment services permission
- Description of the services you provide, or plan to provide to customers and your requirements for general banking services and access to payment system(s)
- Information on the types of customers you serve or plan to serve, along with the countries where you operate, types of payments you intend to offer and whether they are domestic or cross-border.
- Current and future funding needs to enable an assessment of your credit requirements, including details of any existing relationships with other banks
- Daily and annual actual or predicted volumes and aggregate payment values to assess suitability for the indirect access services, impacts on payment system settlement values, market significance and the overall impact for Citi's liabilities and risks
- Know your customer requirements will include evidence of your company registration, organisation ownership, sources of funding, governance and structure, along with the details of authorised individuals
- Information on your senior management's background and experience in this sector senior management must hold the appropriate qualifications and have acceptable risk profiles
- Confirmation of your adherence to applicable laws, regulations, legal obligations and appropriate codes of conduct
- Extended customer due diligence requirements for Payment Service Providers will require evidence of policies, processes and compliance controls in place to assess compliance with Anti -Money Laundering, Sanctions and Financial Crime regulations and PRA and FCA conduct requirements
- Explanation on the specific risks posed by your current or proposed operating model and these risks must be sufficiently mitigated through policies, processes, governance, procedures and the potential use of technology
Please note that the above constitutes our essential KYC requirements further information may be required from the applicant as each application is reviewed on a case by case basis.
Fees
Fees charged for Indirect Access Services will depend on the individual requirements of the client however all clients will be subject to transactional fees and any other additional fees as agreed between client and Citi.
Find out more
This website from Pay.UK - the UK's leading retail payments authority - contains everything you need to know about connecting to the UK's payment systems.
www.accesstopaymentsystems.co.uk