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Citi to launch 24/7 Clearing service for clients

Citi to launch 24/7 Clearing service for clients

Citi Treasury and Trade Solutions has planned to launch 24/7 Clearing as a service to its financial institution clients, beginning with 24/7 USD Clearing in Q4 2022. This new service is designed to enable Citi’s clients to make USD payments across Citi’s 1,500 financial institution customers globally 24 hours a day, 7 days a week, including holidays, with plans to expand to other client segments without the need for new technology or proprietary channels.

The service will help in markets operating outside of the US working days (e.g.,Middle East), meeting collateral requirements on weekends or holidays, processing late-hour payments, supporting interbranch funding and empowering client’s own retail and commercial customers with the ability to process payments around the clock.

“At Citi, we approach everything with a client-first philosophy, focusing on both meeting our clients’ needs now and helping them prepare for the future. This means thinking about how clients could use our solutions at scale, with minimal investment on their part. 24/7 Clearing exemplifies this approach, working across clients’ channels of choice starting with SWIFT, and soon via APIs.” said Debopama Sen, Global Co-Head of Payments and Receivables at Citi.

PR Newswire

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