Yiting Shen Moves Up Citi's Corporate Ladder By Assuming Newly Created Post

Citi has created a new senior management position, in which the incumbent will be charged with enabling and supporting the commercialization of Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term product capabilities for the world's developing currencies, including the Chinese renminbi, Brazilian real, Russian ruble, and Indian rupee.

Yiting Shen has been elected to this new position, with the title of Head of Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for developing currencies at Citi, based in New York.

According to Citi, the business need for such a position was motivated by the requirements of financial institutions around the world, for greater access to currencies that were formerly considered exotic. Payment values in emerging currencies are growing rapidly as trade flows increase.

Ebru Pakcan, Global Head of Payments for Citi, made a commercial statement regarding the creation of the post: "Based on Citi's unique proprietary network and local market presence, its clearing volumes in these currencies have already seen significant growth."

"The key objective of this role is to build upon Citi's strength in major currency clearing, and to create functional parity that exists today across US dollars, euro, and yen, with important developing currencies in a robust and scalable manner."

Prior to taking on this new role, Ms. Shen was the Head of Strategic Initiatives for Citi's Treasury and Trade Solutions Group, where she concentrated on business model innovations for the firm.

Prior to joining Citi, Ms. Shen was an entrepreneur, having co-founded an education consulting firm in China, worked with Booz & Company in London, specializing in financial services with clients in Middle East, Africa, Korea, China, and India, and also worked in M&A with UBS based in New York.

Ms. Shen holds an MBA from MIT Sloan School of Management, an MPA from Harvard Kennedy School of Government, an MS in Financial Engineering and a BS from Columbia University.