Citi Integrates Token Services Platform With Clearing Solution – Crypto News – Crypto News
Connect with us
Citi Integrates Token Services Platform With Clearing Solution Citi Integrates Token Services Platform With Clearing Solution

Blockchain

Citi Integrates Token Services Platform With Clearing Solution – Crypto News

Published

1 week ago

on

Citi plans to integrate its blockchain-based token services platform with its clearing solution.

The integration will create a 24/7, multibank cross-border instant payments capability for Citi’s institutional customers in the U.K. and U.S., the bank said Monday (Sept. 29), calling the solution an industry first.

“In an increasingly ‘always on’ financial landscape, global commerce doesn’t take weekends off and neither should payments,” Debopama Sen, Citi’s head of payments, services, said in a news release.

“Leveraging our digital proprietary global network, we’re enabling 24/7, near instant cross-border payments across the Citi network and our financial institution clients – helping corporates and financial institutions move millions of dollars in a matter of seconds.”

According to the release, the integration expands Citi’s real-time 24/7 network and lets corporate and financial institution clients initiate payment transactions and manage liquidity almost instantaneously across Citi and non-Citi accounts worldwide.

“Citi’s 24/7 USD Clearing solution facilitates active transactions for over 250 banks across more than 40 markets, enabling their end clients to benefit from round-the-clock connectivity to Citi’s network,” the release added. “Furthermore, Citi’s multinational clients can now benefit from rapid 24/7 transfer of funds to suppliers and third parties who hold accounts within Citi’s expanding 24/7 USD Clearing network.”

Advertisement: Scroll to Continue

Although the offering is rolling out to clients in the U.S. and U.K., Citi says it plans to expand the service to other parts of the world eventually.

The news follows Citi’s recent integration of its cross-border payments solution with Dandelion’s digital wallet network.

The collaboration, announced last week, enables Citi’s institutional customers to utilize the bank’s WorldLink Payment Services to send “near-instant, full-value payments” to digital wallets worldwide, with “near 24/7 availability.”

Citi said this capability will initially extend to Bangladesh, Colombia, Indonesia and the Philippines, with plans for future expansion.

A company news release notes that paying into wallets allows Citi to enhance its offering to its financial institution clients, especially in the remittances space, while also letting the bank’s corporate clients make faster and cost-effective business-to-consumer (B2C) payments.

“For corporate and public sector clients, this solution addresses a growing need for B2C payments into wallets,” the release added. “This includes everything from employee payouts, like payroll and expense reimbursements, to social benefits, customer refunds, compensation payments, and more seamless transfers to freelance and gig-economy workers.”

Related Topics:
Continue Reading

Trending