Citi Adds 4 Payment Solutions for Financial Institutions

Citi Treasury and Trade Solutions has unveiled a suite of payment solutions tailored for financial institutions (FIs), aiming to help them enhance their client experience.

The four new functionalities are designed to broaden and improve the offerings of FIs, making it easier for them to provide next-generation experiences to their clients, the company said in a Thursday (Sept. 14) press release.

One of the key features of the new suite is the extension of Citi’s 24/7 USD Clearing for FIs, now encompassing payments to both companies and individuals, according to the press release. This means that FIs can now make commercial payments on behalf of their retail and corporate clients, in addition to traditional bank-to-bank payments.

To enhance transparency in cross-border payments involving multiple parties, Citi has introduced the Confirmed Value Transfer (CVT) feature, the release said. This feature provides the sending institution with an upfront view of the value of downstream deductions, enabling them to have transparency on associated deducted fees before initiating a transaction.

Citi’s suite of payment solutions also now enables FIs to initiate payments in more than 70 currencies from a single USD account, significantly expanding their currency processing capabilities, per the release. This allows FIs to cater to a wider range of customers in a cost-efficient manner.

Furthermore, Citi now offers access to Swift Go, a payments service by Swift, upon the request of FI clients, according to the press release. This allows clients to leverage the benefits of Swift Go without the need for further build or implementation on their end.

Will Artingstall, global co-head of cross-border payments at Citi Treasury and Trade Solutions, said in the release: “We are committed to help our FI clients grow and succeed by providing fully embedded solutions that empower them to more rapidly drive digital transformation, delivering next-gen experiences to their underlying clients.”

Dawid Janas, global had of FI payments and clearing at Citi Treasury and Trade Solutions, added: “We are pleased to help our clients decrease complexity provided through these kinds of solutions, while remaining laser-focused on ease of adoption, scalability and immediate impact on the end customer experience.”

PYMNTS Intelligence has found that two-thirds of FIs said digital payments solutions are “very” or “extremely” important in addressing clients’ B2B payments frictions.

In addition, two-thirds of FIs are “very” or “extremely” willing to adopt new technologies to facilitate the consumerization of B2B payments, according to “The New User Experience: Tracking the Consumerization of B2B Payments,” a PYMNTS and FIS collaboration.