Citi Brings Instant Cross-Border Payments to Multiple Markets
Citi has launched a service that enables instant cross-border payments through Swift, making it the first lender to go live in multiple markets on the system. The new service allows participating bank clients to access cross-border instant payments in AUD, GBP, INR, and USD through a single account structure.
According to Citi, clients can use their existing Swift connection without needing separate local banking relationships, bilateral agreements, or local technical infrastructure. This service is available to the 12,500 financial institutions connected to Swift and Citi plans to extend it to more currencies and markets in the future.
Citi's WorldLink Payment Services and Global Clearing network are facilitating this new service, which connects to various domestic real-time payment networks without requiring local bank accounts. For example, Australian dollar payments use the New Payments Platform, while sterling transactions utilize the Faster Payment System.