Citi’s Instant Payments Expands Reach to 28 Markets Following Launch in Brazil

Citi, Instant Payments, brazil, Treasury and Trade Solutions

Citi’s Treasury and Trade Solutions (TTS) has launched domestic instant payments in Brazil, bringing its global reach to 28 markets in numerous regions, according to a press release on Monday (Nov. 8).

Usage of Citi’s real-time payments capabilities has grown more than 100% in the past year, giving institutional clients the ability to send and receive funds instantly.

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Shahmir Khaliq, Global Head of Citi TTS, said that with ever-changing customer needs, real-time payments are the “new norm” that enable an environment that can respond to needs 24/7 — especially important since digital processes have expanded across all sectors.

“With the growth of both Consumer to Business and Business to Consumer flows, instant payments provide a convenient alternative to traditional methods that can help strengthen customer connections,” Khaliq said. “Citi continues to invest in its network and platforms to provide the latest solutions to help clients meet their evolving payment needs.”

Read more: Citi TTS Rolls Out Citi Service Insights With SWIFT gpi Integration

Using features driven by application programming interfaces (APIs), Citi’s real-time payments were developed to offer a “unified and globally consistent point of access.” This enables its customers to integrate domestic instant payments in central economies and is able to roll out swiftly on a global scale.

“Citi’s Global Instant Payments platform, which Uber is using in our top 4-5 markets, seamlessly delivers real-time payments across borders, offering a superior experience for customers,” Rasik Krishna, Global Disbursements and Earner – Financial Products for Uber, said in the release.

“This completely interoperable solution has been a real success factor for us at Uber and we plan to expand it to additional geographic regions going forward,” Krishna added.

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“Using Citi’s instant payments solution and APIs allows us to better manage large volumes of payments and achieve straight-through processing,” added Becky Landrock, Senior Treasury Manager, Deliveroo. “The impact of this solution has been phenomenal, enabling our business to have a competitive advantage and providing a service to the community as our riders can get paid faster.”