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鈥檚 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鈥� 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鈥檚 global co-head of payments and receivables for its Treasury and Trade Solutions division Debopama Sen says: 鈥淎t Citi, we approach everything with a client-first philosophy, focusing on both meeting our clients鈥� needs now and helping them prepare for the future.
鈥淭his 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鈥� channels of choice starting with SWIFT, and soon via APIs.鈥�
鈥淥ur 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,鈥� says Amit Agarwal, global co-head of payments and receivables at Citi鈥檚 Treasury and Trade Solutions.
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