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Citigroup teams with AOL
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July 18, 2000: 3:27 p.m. ET
Companies strike deal designed to boost online financial transactions
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NEW YORK (CNNfn) - Citigroup, the largest U.S. financial services company, and America Online Inc. struck a pact Tuesday designed to ease payment of credit card bills, wire transfers and other transactions over the Internet.
Financial terms of the multi-year deal were not disclosed.
The alliance is designed to position Citigroup as a "clearinghouse" for a range of financial transactions across AOL's brands, including AOL.com, CompuServe, AOL-TV and Digital City. Citigroup also will promote AOL products and services to its customers.
 The first service to be launched will be person-to-person money transfer capability, which will allow an AOL user to send money to someone else electronically through Citigroup's online payment network.
"This alliance brings together two industry leaders," said Sanford I. Weill, chairman and chief executive of New York-based Citigroup. "Financial services are becoming more and more critical to the online consumer, and AOL is an ideal partner to reach these consumers."
Dulles, Va.-based AOL (AOL: Research, Estimates), the largest Internet service provider in the U.S., is merging with Time Warner Inc. (TWX: Research, Estimates), the parent company of CNNfn.
AOL stock slipped 1-15/16 to 61-1/16 in afternoon trading on the New York Stock Exchange.
Shares of Citigroup (C: Research, Estimates), a Dow industrials component, slipped 7/16 to 65-15/16. 
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