Transnetwork, a Houston-based B2B electronic domestic and cross-border processing and payment platform, has acquired Citi Remesas, a subsidiary of Citibank, and its Central American remittance operations.
Under the transaction, the company absorbed Citi’s agreements with payers in El Salvador, Guatemala, Honduras, Nicaragua, Costa Rica, Panama, Ecuador, Peru and Brazil, where beneficiaries are able to collect their money at Citi branch locations in Central America as well as through a variety of the region’s principal retail chains and financial institutions.
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Jorge Raull, CEO of Transnetwork, said: "Transnetwork Corp. and Citi Remesas, Inc. hold agreements with virtually all of the same money transmitters, making the operation highly efficient and seamless.
"The transaction strengthens our core business of providing payment solutions in Central and South America by expanding our payment network of prime retailers and supermarkets, creating more value for our international partners."
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