Citi Treasury and Trade Solutions is planning to launch “24/7 Clearing” as a service to its financial institution clients, beginning with 24/7 USD Clearing in Q4 2022.
“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.
“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,” she added.
The 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.
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.
