Citi has unveiled what it calls an industry-first integration of its Citi Token Services platform with its 24/7 USD Clearing solution, creating round-the-clock, multibank cross-border payments for institutional clients in the UK and US.
Citi Integrates Token Services with 24/7 USD Clearing to Boost Cross-Border Payments
The move is said to combine Citi’s blockchain-based token platform with its established clearing network, allowing near-instant initiation and settlement of transactions across Citi and non-Citi accounts.
According to the bank, the service is designed to reduce payment delays, optimise liquidity management, and provide “unprecedented control and flexibility” for corporate and financial institution clients.
Debopama Sen, Head of Payments, Services at Citi, said the development was driven by the demands of a global economy that operates continuously.
“Global commerce doesn’t take weekends off and neither should payments. Leveraging our digital proprietary global network, we’re enabling 24/7, near instant cross-border payments … helping corporates and financial institutions move millions of dollars in a matter of seconds,” she commented.
The new integration builds on Citi’s 24/7 USD Clearing network, which already supports more than 250 banks in over 40 markets. The bank said clients can now transfer funds to suppliers and third parties at any time, with further geographic expansion planned.
Stephen Randall, Head of Liquidity Management Services at Citi, added: “This industry-first integration significantly reduces friction in payments and liquidity, offering unprecedented control and flexibility.”
