Citi has announced the integration of its Citi Token Services platform with its 24/7 USD Clearing solution.
The move will allow institutional clients in the UK and US to make multibank, cross-border instant payments around the clock.
“In an increasingly ‘always on’ financial landscape, global commerce doesn’t take weekends off and neither should payments,” said Debopama Sen, head of Payments Services.
“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.”
Citi Token Services uses a private, permissioned blockchain to enable tokenised liquidity transfers within Citi’s network.
By integrating this capability with its 24/7 USD Clearing, Citi combines traditional payment rails with blockchain technology to deliver frictionless cross-border payments that meet the growing demand for always-on financial operations.
“Our clients demand financial solutions that operate at the speed of their business. This industry-first integration significantly reduces friction in payments and liquidity, offering unprecedented control and flexibility, especially compared to other systems that can burden clients with deep technical and incremental risk management work,” added Stephen Randall, head of Liquidity Management Services at Citi.
While initially available to clients with Citi accounts in the UK and US, Citi plans to expand this offering to additional geographies in the future.
