Citi launches fully embedded payment solutions for financial institutions

Rick Steves

“We are committed to help our FI clients grow and succeed by providing fully embedded solutions that empower them to more rapidly drive digital transformation, delivering next-gen experiences to their underlying clients.”

Citi Treasury and Trade Solutions has unveiled a transformative set of payment solutions to empower Financial Institution (FI) clients.

These innovative solutions are poised to improve the end-user experience significantly, and what’s more, they can be seamlessly integrated with minimal implementation effort.

USD clearing, CVT, multi-currency, Swift Go

The new suite of functionalities aims to expand and enhance FI offerings rapidly and effortlessly. Let’s explore the key components of this initiative:

Expanding USD Clearing Capabilities: Citi’s 24/7 USD Clearing for FIs now includes the ability to make payments to companies and individuals. This feature extends beyond traditional bank-to-bank payments, allowing FIs to facilitate commercial payments on behalf of their retail and corporate clients. Since its launch in late 2022, over 100 FI clients have leveraged Citi’s 24/7 USD Clearing service.

Confirmed Value Transfer (CVT): Transparency in cross-border payments is crucial. CVT offers upfront visibility into deducted fees for transactions involving multiple parties in processing USD cross-border payments. This standardization empowers sending institutions with a clear view of downstream deductions, enhancing the client experience and transparency.

Multi-Currency Payments: FIs can now initiate payments in over 70+ currencies from a single USD account. This feature enables clients to significantly broaden their currency processing capabilities cost-effectively, delivering added value to their customers.

Access to Swift Go: Citi now provides clients with access to Swift Go, Swift’s recent payments service, upon request. This offering allows clients to harness Swift Go benefits without requiring additional build or implementation efforts on their end.

Citi providing fully embedded solutions

Will Artingstall, Global Co-Head of Cross-Border Payments at Citi Treasury and Trade Solutions, said: “We are committed to help our FI clients grow and succeed by providing fully embedded solutions that empower them to more rapidly drive digital transformation, delivering next-gen experiences to their underlying clients.”

Dawid Janas, Global Head of FI Payments and Clearing at Citi Treasury and Trade Solutions, commented: “This new set of solutions aims to improve current capabilities for clients, and has been designed to enhance their client experience, lower costs, and increase speed and transparency as well. We are pleased to help our clients decrease complexity provided through these kinds of solutions, while remaining laser-focused on ease of adoption, scalability and immediate impact on the end customer experience.”

By simplifying operations, boosting efficiency, and providing clients with advanced tools, Citi aims to empower financial institutions to thrive in the digital age.

This suite of solutions represents a significant leap forward in the realm of cross-border payments and financial technology. Clients can look forward to a future marked by enhanced experiences, lower costs, and streamlined operations in partnership with Citi.

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