Citi to launch 24/7 clearing for cross border payments all days, including holidays

Citi Treasury and Trade Solutions has plans to launch “24/7 Clearing” as a service, beginning with 24/7 USD Clearing in Q4 2022.

Citi bank

24/7 USD Clearing will 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.

The service will start with institutional clients, but will soon include other client segments, without implementation or need to adopt new technology or proprietary channels.

Starting with SWIFT, and soon via APIs

Debopama Sen, Global Co-Head of Payments and Receivables at Citi’s Treasury and Trade Solutions, said: “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. 24/7 Clearing exemplifies this approach, working across clients’ channels of choice starting with SWIFT, and soon via APIs.”

Amit Agarwal, Global Co-Head of Payments and Receivables at Citi’s Treasury and Trade Solutions, commented: “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.”

The 24/7 USD Clearing service will help institutional customers enhance 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.

Citi’s Trade and Treasury Solutions appointed Naveed Anwar as Head of Digital

In late 2021, Citibank Trade and Treasury Solutions appointed Naveed Anwar as the new head of their digital division as part of its global digital strategy across all channels and products.

Naveed has joined Citi from Capital One where he worked for six years and had overseen the API, file, and data platforms at the company. He had not only led the technology development at Paypal, eBay, and Netscape but had also been a bridge between the developers and the partners and ensured that new customers do not feel the pinch during integration and the onboarding process is as smooth as possible.

At Citi, he has assumed the same tasks and is also responsible for developing a network and distribution plan for the products and also lead the integration of all the digital products of the bank into a single central ICG access point.

This ICG division works across 96 markets around the world and offers a full suite of products services for multinational companies, public sector entities, and ultra-high-net-worth individuals and households.