Citi has become the first bank to go live with multiple markets on the Swift payments scheme, the bank announced. The solution is delivered through Citi's Global Clearing network and WorldLink Payment Services, and lets bank clients access multiple cross-border instant payment markets through a single account structure.
Participating bank clients can reach multiple domestic real-time payment networks through their existing Swift connection, without opening local bank accounts or deploying new local infrastructure. The offering is available to more than 12,500 financial institutions connected to Swift.
THREE CURRENCIES LIVE, PLUS US DOLLARS
Citi has enabled real-time payments through the Swift payments scheme in AUD via NPP (New Payments Platform), GBP via FPS (Faster Payment System), and INR via IMPS (Immediate Payment Service). The bank said it is leveraging established instant payment rails and mature ISO 20022 (MX) capabilities.
Citi has also expanded its USD Clearing capabilities, allowing clients to transfer funds directly to Citi U.S. beneficiaries for faster, broader global access. USD payments are live through Citi's internal network, so participating banks can send U.S. dollar payments that are credited directly to Citi account holders in real time.
ENDING THE NEED FOR LOCAL SET-UPS
Historically, enabling instant cross-border payments across multiple countries required financial institutions to open separate accounts in each local market, establish bilateral agreements with individual partner banks, and build custom integrations to local clearing systems. Citi said its new solution eliminates the need for separate local banking relationships, bilateral agreements or local technical infrastructure.
The Swift payments scheme is available globally to financial institutions connected to Swift's network. Citi does business in more than 180 countries and jurisdictions.
BUILDING ON WORLDLINK AND REAL-TIME TOOLS
The launch builds on Citi Services' broader suite of real-time account-to-account payments solutions via WorldLink. Through one relationship, clients gain direct connectivity to nine instant payment schemes and near real-time wires in 20 currencies and 54 markets.
WorldLink offers payments in 135 currencies with integrated FX across more than 4,500 currency pairs. In addition to account-to-account payments, clients can also pay into wallets and cards.
The launch also builds on Citi's participation in Swift's ledger initiative and on real-time capabilities delivered through Citi Custody+, 24/7 USD Clearing and Citi Token Services. Citi described the advancements as another significant step in Citi Services' strategy to enable interoperable, multi-bank, real-time and always-on movement of money, liquidity, securities and collateral across borders.
INSTANT PAYMENTS GAIN GROUND AT HOME
Citi pointed to the US and UK as examples of growing instant payment capacity: in 2022, local instant payments schemes in both countries increased their value limits from $100,000 and £250,000 to $1 million and £1 million, respectively.
The bank also said instant payments offer pay-in advantages over credit cards, which require an interchange fee that essentially assesses a two to three percent tax on the cost of eCommerce goods and services in many markets.
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