Amsterdam, Netherlands – 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.
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.
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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.
Citi Institutional Clients Group
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