Citi Enhances Cross-Border Payments with Single Swift Connection

Citi introduces a solution for bank clients to access multiple cross-border instant payment markets via a single Swift connection, enhancing speed and transparency.

Citi has launched a new solution that allows its bank clients to access multiple cross-border instant payment markets through a single account structure. This development is part of Citi's strategy to enhance the efficiency and transparency of international payments.

The solution operates on the Swift payments scheme and is facilitated through Citi’s Global Clearing network and WorldLink Payment Services. It enables bank clients connected to Swift to access real-time payment networks using their existing Swift connection, according to a press release from Citi.

Citi's new offering removes the necessity for bank clients to maintain separate local banking relationships, bilateral agreements, or local technical infrastructure. This streamlining is expected to simplify the process of cross-border payments for banks and their clients.

Debopama Sen, head of payments services at Citi, highlighted that the collaboration with Swift helps banks connect to instant payment capabilities across various markets through a scalable model. This initiative aims to enhance the speed, transparency, and reach of cross-border payments.

This solution builds on Citi's involvement in Swift's blockchain-based ledger initiative. Citi announced earlier that it had successfully processed live transactions on Swift’s ledger, marking a significant milestone in its strategy to provide always-on, cross-currency, and interoperable payment solutions.

Swift's blockchain ledger supports 24/7 cross-border payments with tokenized deposits, allowing banks to move funds for customers even during nights and weekends before final settlement. This development is part of a broader effort to improve the predictability and transparency of international payments.