This solution also eliminates the need for these bank clients to have separate local banking relationships, bilateral agreements or local technical infrastructure, according to the release.
Citi’s offering operates on the Swift payments scheme and is enabled through Citi’s Global Clearing network and WorldLink Payment Services, the release said.
The solution is available to Citi’s bank clients that are connected to Swift, and it enables them to access the real-time payment networks through their existing Swift connection, per the release.
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“Through our continued collaboration with Swift, we’re helping banks connect to instant payment capabilities across multiple markets through a seamless and scalable model,” Debopama Sen, head of payments, services at Citi, said in the release. “Combined with Citi’s global network, this initiative enhances speed, transparency and reach while helping clients meet evolving expectations for how money moves.”
Leigh Amaro, chief executive, Americas at Swift, said in the release that this collaboration helps deliver a cross-border payments experience that is faster, more transparent and more predictable.
“As usage of Swift’s retail payments framework grows and more corridors become active, greater certainty over cost and delivery time, full-value transfers and end-to-end visibility into international payments will become a reality for more people and businesses around the world,” Amaro said.
This offering builds on Citi’s participation in Swift’s ledger initiative, according to the release.
Citi announced Sept. 3 that it successfully processed live transactions on Swift’s blockchain-based ledger and that this market a “significant milestone in its strategy to deliver always-on, cross-currency and interoperable payment solutions for its international clients.”
Swift said in July that its blockchain-based ledger was ready for use and that 17 banks were preparing live pilot transactions on the ledger. The organization said the ledger supports 24/7 cross-border payments with tokenized deposits.
The shared ledger gives banks a secure orchestration layer for bank-issued tokenized deposits on their own ledgers, letting them move funds for customers—on nights and weekends included—before final settlement is completed via existing systems, Swift said at the time in a press release.
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