Citi will launch 24/7 clearing in the fourth quarter of 2022

AMSTERDAM-(BUSINESS WIRE)–Citi Treasury and Trade Solutions today announced its intention to launch “24/7 Clearing” as a service to its financial institution clients, starting with 24/7 USD Clearing in the fourth quarter of 2022.

This new service is designed to allow Citi customers to make payments in US dollars between 1,500 Citi financial institution customers worldwide 24 hours a day, 7 days a week, including holidays. 24/7 Clearing will deliver this experience to Citi’s financial institutions customers, with plans to include other customer segments, without the need to deploy or adopt new technology or proprietary channels.

Citi’s 24/7 USD Clearing service will support clients’ payment innovation agenda through a number of business-critical use cases, including improving the client experience in markets operating outside US business days (eg the Middle East), meeting collateral requirements on weekends or holidays, processing late-hour payments, maintaining cross-industry funding and empowering 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 both on meeting our clients’ needs now and helping them prepare for the future. This means thinking about how customers could use our solutions at scale, with minimal investment on their part. 24/7 Clearing exemplifies this approach by operating through customer-selected channels, starting with SWIFT and soon via API,” said Debopama Sen, Global Co-Head of Payments and Receivables at Citi’s Treasury and Trade Solutions.

This launch will help Citi customers remain competitive and agile in the face of changing expectations by extending the benefits of Citi’s network and payment options without time constraints.

“Our customers are looking for access to constant payment options as entire industries move 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 processing speed in cross-border payments,” said Amit Agarwal, Global Co-Head of Payments and Receivables at Treasury and the trade of Citi Solutions.

Citi is constantly innovating and improving its solutions to bring the full value of its network – which operates in 95 countries and 145 currencies – to institutional clients around the world.

About Citi Treasury and Trade Solutions:

Citi Treasury and Trade Solutions (TTS) enables our clients to succeed by providing an integrated suite of innovative and customized cash management and trade finance services to multinational corporations, financial institutions and public sector organizations worldwide. Building 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 wide range of digitally enabled treasury, trading and liquidity management solutions.

About Citi

Citi is a leading 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 conducts business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a wide range of financial products and services.

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