Citi to launch 24/7 USD clearing in late 2022 11 October 2022US Reporter: Bob Currie
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Citi Treasury and Trade Solutions has announced its intention to launch round-the-clock payments clearing to its institutional clients.
This 24/7 service is designed to enable Citi’s financial institution customers to make USD payments 24 hours per day, 7 days per week including public holidays.
Citi indicates that this will help support clients’ payment innovation through a number of key use cases. This will include meeting collateral requirements on weekends and public holidays, processing late-hour payments, supporting interbranch funding and improving clearing access for markets outside of US working days, for example in the Middle East region.
Citi’s global co-head of payments and receivables for its Treasury and Trade Solutions division Debopama Sen says: “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.”
“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,” says Amit Agarwal, global co-head of payments and receivables at Citi’s Treasury and Trade Solutions.
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