Citi's latest philanthropic effort will see the bank hand over money to education-related non-profits based on foreign exchange trading volumes on its Velocity electronic platform.
The three month initiative begins today and will see six education charities in different parts of the world getting money based on a percentage of institutional client FX transaction volumes executed through Velocity.
Funds will be donated to each organisation based on the geographic location of individual Citi Velocity clients, although users can also override the default and earmark their corresponding donation to any of their choosing.
Citi says that it has not set specific fundraising goals but is also promising not to impose caps, with the amount donated determined purely by FX transaction volumes.
"We believe e for Education is the first and certainly the largest effort by a firm seeking to translate its electronic FX trading activity into philanthropic dollars," says Jeff Feig, global head, G-10 FX, Citi, unsurprisingly.