Citi Unlocks Instant Cross-Border Payments with Swift Partnership
Citi has become the first bank to go live on Swift's payments scheme in multiple markets, enabling instant cross-border transactions across several countries through a single account structure.
The service, available via Citi's WorldLink Payments Service, eliminates the need for financial institutions to open local accounts or establish bilateral agreements in each market, which were previously major barriers to scaling up instant cross-border payments.
Citi has expanded its USD clearing capabilities and made direct fund transfers to Citi US beneficiaries possible. The service is accessible to over 12,500 financial institutions connected to Swift.
The current live markets include Australian dollars via the New Payments Platform, pound sterling via the Faster Payments System, and Indian rupee via the Immediate Payment Service.
Citi's head of payments services, Debopama Sen, said that through their collaboration with Swift, they're helping banks connect to instant payment capabilities across multiple markets through a seamless and scalable model.