Citi to Launch 24/7 Clearing in Q4 2022

Rhea-AI Summary

Citi Treasury and Trade Solutions announces the launch of 24/7 Clearing, starting with USD Clearing in Q4 2022. This service enables USD payments for clients across Citi's global network of 1,500 financial institutions at any time, including weekends and holidays. Notable benefits include enhancing payment capabilities in regions with differing business hours and supporting late-hour transactions. Citi aims to assist clients in adapting to a 24/7 business environment, aligning with evolving market demands and technological advancements.

Positive

• Launch of 24/7 Clearing service enhances payment capabilities.
• Allows USD payments around the clock, meeting client demand for continuous operations.
• Supports financial institution clients in adapting to changing business environments.

Negative

• None.

AMSTERDAM--(BUSINESS WIRE)-- Citi Treasury and Trade Solutions today announced its intent to launch “24/7 Clearing” as a service to its financial institution clients, beginning with 24/7 USD Clearing in Q4 2022.

This new service is designed to enable Citi’s clients to make USD payments across Citi’s 1,500 financial institution customers globally 24 hours a day, 7 days a week, including holidays. 24/7 Clearing will deliver this experience to Citi’s financial institution clients, with plans to include other client segments, without implementation or need to adopt new technology or proprietary channels.

Citi’s 24/7 USD Clearing service will help support clients’ payment innovation agenda through a number of business-critical use cases, including enhancing client experience in markets operating outside of the US working days (e.g., Middle East), meeting collateral requirements on weekends or holidays, processing late-hour payments, supporting interbranch funding and empowering client’s own retail and commercial customers with the ability to process payments around the clock.

“At Citi, we approach everything with a client-first philosophy, focusing on both meeting our clients’ needs now and helping them prepare for the future. This means thinking about how clients could use our solutions at scale, with minimal investment on their part. 24/7 Clearing exemplifies this approach, working across clients’ channels of choice starting with SWIFT, and soon via APIs,” said Debopama Sen, Global Co-Head of Payments and Receivables at Citi’s Treasury and Trade Solutions.

This launch will help enable Citi’s clients to stay competitive and nimble in the wake of changing expectations by extending the benefits of Citi’s network and payment capabilities with no time constraints.

“Our clients are looking for access to always-on payments capabilities as entire industries shift to 24/7 business models. Through 24/7 Clearing, we are enabling our financial institution clients to innovate and meet these changing expectations for availability and speed of processing in cross-border payments,” said Amit Agarwal, Global Co-Head of Payments and Receivables at Citi’s Treasury and Trade Solutions.

Citi continually innovates and enhances its solutions to bring the full value of its network – which operates in 95 countries and 145 currencies – to institutional clients around the globe.

About Citi Treasury and Trade Solutions:

Citi Treasury and Trade Solutions (TTS) enables 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 the industry 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 the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

View source version on businesswire.com: https://www.businesswire.com/news/home/20221009005047/en/

Media:

Nina Das

Citi Institutional Clients Group

+1 (212) 816-9267

Nina.Das@citi.com

Source: Citi

FAQ

What is Citi's 24/7 Clearing service?

The 24/7 Clearing service allows financial institutions to make USD payments at any time, including weekends and holidays.

When will Citi launch the 24/7 Clearing service?

Citi plans to launch the 24/7 Clearing service starting in Q4 2022.

How does 24/7 Clearing benefit Citi's clients?

It enables clients to process payments continuously, enhancing operational efficiency and meeting market demands.

Which currencies are included in the 24/7 Clearing service?

The initial launch will focus on USD payments.

Who spoke about the benefits of the 24/7 Clearing service?

Debopama Sen and Amit Agarwal, Global Co-Heads of Payments and Receivables at Citi, highlighted its advantages.