Citi Launches Suite of Auto-Enabled Payment Solutions for Financial Institutions
- Citi now has more than 100 FI clients using its 24/7 USD Clearing service since its launch in late 2022.
- Ability to initiate payments in over 70+ currencies from a single USD account, allowing clients to significantly expand their currency processing capabilities for their customers in a cost-efficient manner.
- Access to Swift Go: Citi can now process, upon FI clients’ requests, payments via Swift Go, Swift’s recent payments service.
- None.
This new set of functionalities is designed to broaden, expand and improve (from a client experience perspective) FI offerings quickly and easily. It includes:
- Extending the capabilities of Citi’s 24/7 USD Clearing for FIs to include payments to companies and individuals. With this feature, in addition to bank-to-bank payments, FIs are now able to make commercial payments (payments processed on behalf of banks’ underlying retail and corporate clients). Citi now has more than 100 FI clients using its 24/7 USD Clearing service since its launch in late 2022.
- Confirmed Value Transfer (CVT), allowing for transparency on associated deducted fees ahead of initiating a transaction when there are multiple parties involved in processing a USD cross-border payment. With CVT, Citi standardizes and gives the sending institution an up-front view of the value of such downstream deductions, designed to improve their underlying client experience and transparency.
- Ability to initiate payments in over 70+ currencies from a single USD account, allowing clients to significantly expand their currency processing capabilities for their customers in a cost-efficient manner.
- Access to Swift Go: Citi can now process, upon FI clients’ requests, payments via Swift Go, Swift’s recent payments service. This allows clients to access Swift Go benefits without any further build or implementation on their end.
“We are committed to help our FI clients grow and succeed by providing fully embedded solutions that empower them to more rapidly drive digital transformation, delivering next-gen experiences to their underlying clients,” said Will Artingstall, Global Co-Head of Cross-Border Payments at Citi Treasury and Trade Solutions.
“This new set of solutions aims to improve current capabilities for clients, and has been designed to enhance their client experience, lower costs, and increase speed and transparency as well. We are pleased to help our clients decrease complexity provided through these kinds of solutions, while remaining laser-focused on ease of adoption, scalability and immediate impact on the end customer experience,” said Dawid Janas, Global Head of FI Payments and Clearing at Citi Treasury and Trade Solutions.
Please also stay tuned for Citi’s GPS Paper on the Future of Cross-Border Payments.
Citi Treasury and Trade Solutions (TTS) helps enable our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions, and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering a comprehensive range of digitally enabled treasury, trade, and liquidity management solutions.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230914699844/en/
Media:
Nina Das
Citi Global Communications
+1 (212) 816-9267
Nina.Das@citi.com
Source: Citigroup Inc.
