Citi Fast Tracks Real-Time Cross-Border Payments

Citigroup Inc. has made a significant move in the world of cross-border payments by launching real-time transactions across three major currencies.

The bank's Global Clearing network and WorldLink Payment Services platform now allow clients to access instant payment systems in the U.K., India, and Australia through a single Swift connection.

This means banks no longer need to open local accounts or sign agreements with partner banks individually, reducing the complexity of international transactions.

Citi has turned on real-time payments for Australian dollars through the New Payments Platform, British pounds through Faster Payments, and Indian rupees through the Immediate Payment Service.