(13 October 2022 – United States) Citi Treasury and Trade Solutions (TTS) plans to launch “24/7 Clearing” as a Service (CaaS), commencing with the greenback in Q4 2022.
24/7 USD Clearing will enable Citi’s clients to make USD payments across Citi’s 1,500 financial institution customers globally 24 hours a day, 7 days a week, including holidays. The service will initially be provided to institutional clients, before expanding to other client segments without onboarding or need to adopt new technology or proprietary channels.
“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” commented Citi TTS Global Co-Head of Payments and Receivables, Amit Agarwal.
“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” said Citi TTS Global Co-Head of Payments and Receivables, Debopama Sen.