America Online and Citigroup Inc. said yesterday they have signed a multiyear agreement to join Citigroup’s payment and money transfer infrastructure with that of AOL. The result will make it easier for customers to make payments online, the companies said.
The deal allows users to transfer money from person to person and transfer money between accounts.
AOL, Dulles, VA, and Citigroup will build new payment and money transfer features designed specifically for online transactions. The new features should be available to AOL customers in the fall.
Citigroup, New York, will also offer lines of credit for the Internet and other new media, and will offer reward incentives like cash back and airline mileage.
As part of the deal, Citigroup will become a preferred provider of financial products and services, including banking, mortgages, loans and credit cards, and brokerage and investment services across AOL brands.