WASHINGTON (dpa-AFX) - Tuesday, Banking giant Citigroup, Inc. (C) announced that it will become the first bank to go live with multiple markets on the Swift Payments scheme.
Citi's solution, supported by its Global Clearing network and WorldLink Payment Services, allows banks to access multiple cross-border instant payment markets through one account. This removes the need for separate local banking relationships, bilateral agreements, and local technical infrastructure. Citi plans to expand the service to more currencies and markets in the future.
Through its collaboration with Swift and the banking industry, Citi is developing new cross-border payment capabilities. Building on its work with Swift's ledger initiative and real-time services such as Citi Custody+, 24/7 USD Clearing, and Citi Token Services, these efforts support Citi's strategy to enable faster, always-on, multi-bank movement of money, liquidity, securities, and collateral across borders.
Citi has enabled real-time payments through Swift using established payment networks and ISO 20022 capabilities. This includes AUD payments through Australia's NPP, GBP through the Faster Payments System, and INR through India's IMPS. Citi has also expanded its USD Clearing services, allowing clients to send funds directly to Citi U.S. beneficiaries.
By combining its global network, ISO 20022 capabilities, and Swift connectivity, Citi Services helps clients access multiple payment markets and launch new payment services more quickly and efficiently.
The launch expands Citi Services' real-time account-to-account payment solutions through WorldLink. The service combines cross-border instant payments with real-time wires to enable faster global fund transfers. Through a single relationship, clients can access nine instant payment networks and near-real-time wires across 20 currencies and 54 markets.
On the NYSE, the shares were trading 0.63 percent down at $130.49
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