Citi to introduce 24/7 Clearing service in fourth quarter

Citi Treasury and Trade Solutions said on Monday that it would launch “24/7 Clearing” as a service to its financial institution clients, starting with 24/7 USD Clearing in the fourth quarter of 2022.

This new service is meant to allow Citi’s clients to make USD payments across the group’s 1,500 financial institution customers globally 24 hours per day, 7 days per week, also on holidays.

The 24/7 USD Clearing service will support clients’ payment innovation agenda via various business-critical use cases, Citi said, including improving client experience in markets operating outside of the US working days, meeting collateral requirements on weekends or holidays, processing late-hour payments, supporting inter-branch funding and so on.

The new service will enable Citi’s clientele to remain competitive and nimble in the wake of changing expectations by extending the benefits of the group’s network and payment capabilities with no time constraints.

“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,” Debopama Sen, Global Co-Head of Payments and Receivables at Citi’s Treasury and Trade Solutions, said in a press release.

“Our clients are looking for access to always-on payments capabilities as entire industries shift to 24/7 business models. Through 24/7 Clearing, we are enabling our financial institution clients to innovate and meet these changing expectations for availability and speed of processing in cross-border payments,” Amit Agarwal, Global Co-Head of Payments and Receivables at Citi’s Treasury and Trade Solutions, said.