Citi Debuts SEPA Instant Payments in Europe

Citi unveiled Single Euro Payments Area (SEPA) Instant Payments in Europe, the latest of its instant payments offerings, according to a company press release on Wednesday (May 4).

The launch of Citi’s SEPA Instant Payments in Europe “will provide clients with the ability to pay to and receive from 36 SEPA countries instantly,” the press release said. The new offering also allows SEPA credit transfers to be made 24/7 and completed within seconds, with funds available to recipients immediately.

Customers can make payments to and receive them from SEPA Instant participating banks anywhere in the 36-country SEPA zone.

SEPA Instant Payments in Europe provides clients with a single point of access through Citi’s platforms —CitiConnect for Files, CitiConnect API and CitiDirect — for executing Instant Payments, the company press release said.

“With our latest launch of SEPA Instant Payments in Europe, we have further expanded our market-leading Instant Payments proposition for payments to and from the SEPA zone,” said Mark McNulty, EMEA head of payments and receivables, treasury and trade solutions at Citi.

Businesses will be able to use SEPA Instant Payments to improve business growth and efficiency, including on-demand payments, the company press release said.

“We have taken a single point-of-entry approach, utilizing API connectivity, to enable clients to make payments in multiple markets, and access key real time services such as payment status or balance enquiries, as well as instant notification of incoming credits and outgoing debits,” said Elena Gomez, global head of domestic payments, treasury and trade solutions.

In addition to SEPA, the bank supports 29 other markets globally for Instant Payments, and Citi’s Instant Payments capabilities can reach more than 60 countries around the world.

Related: Binance Reopens Euro, British Pound Transfers

In March, Cayman Islands-based digital network Binance resumed deposits into European Union banks and withdrawals of British pounds, nine months after suspending them. The transactions can be completed through the SEPA payment network and the Faster Payments Services (FPS). Customers can access these services on their desktop or the app.