Microsoft, Citigroup form electronic money-transfer pact-WSJ
NEW YORK, May 1 (Reuters) - Citigroup Inc. (NYSE:C - news) has signed an agreement with Microsoft Corp. (NasdaqNM:MSFT - news) that will allow tens of millions of users of Microsoft's Internet services easy access to sending money via e-mail the Wall Street Journal reported in its online edition on Tuesday.
Under the terms of the deal, Citigroup, will offer its ``c2it'' online money-transfer system, branded with Microsoft's MSN name, to users of the MSN network of Web services, the paper said.
Many users will be preapproved to use the service to cut down on the trouble of online application forms, and the deal also will allow for Citigroup to advertise on Microsoft Internet services, the paper said.
Financial terms weren't available, the report said.
For Citigroup, the pact represents a strong commitment to maintaining the bank's presence on the Web, although other rival person-to-person payment services have faltered, the paper said. These services allow users to send e-mail messages with instructions to transfer money, which is debited from a credit card or bank account and credited to the recipient's account, the paper said.
Shares of Citigroup closed Monday at $49.15, Microsoft closed at $67.75 per share.
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