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Citi (NYSE: C) Treasury and Trade Solutions today announced plans to launch “24/7 cleaning” as a service to its financial institution customers, beginning with 24/7 USD clearing in Q4 2022.
This new service is designed to allow Citi customers to make payments in USD to Citi’s 1,500 financial institution customers worldwide, 24 hours a day, 7 days a week, including holidays. 24/7 Clearing will deliver this experience to Citi’s financial institution customers, with plans to include other customer segments, without implementing or needing to adopt new technologies or proprietary channels.
Citi’s 24/7 USD clearing service will help support customers’ payment innovation agenda across a number of business-critical use cases, including improving the customer experience on markets operating outside of US business days (e.g. Middle East), meeting collateral requirements on weekends or holidays, processing late payments, supporting inter-branch financing, and giving the customer’s own retail and business customers the ability to process payments around the clock.
“At Citi, we approach everything with a customer-centric philosophy, focusing on both meeting our customers’ needs today and preparing them for the future. This means thinking about how customers could use our solutions at scale, with minimal investment on their part. 24/7 Clearing exemplifies this approach, working across customer channels of choice, starting with SWIFT, and soon through APIs,” said Debopama Sen, Global Co-Head of Payments and Claims at Citi’s Treasury and Trade Solutions. .
This launch will allow Citi customers to remain competitive and agile in the face of changing expectations by extending the benefits of Citi’s network and payment capabilities without time constraints.
“Our customers are seeking access to always-on payment capabilities as entire industries transition to 24/7 business models. Through 24/7 clearing, we enable our client financial institutions to innovate and meet these changing expectations for the availability and speed of cross-border payment processing,” said Amit Agarwal, Global Co-Head of Payments and Receivables at Citi’s Treasury and Trade Solutions.
Citi continually innovates and improves its solutions to bring the full value of its network – which operates in 95 countries and 145 currencies – to institutional clients around the world.