BAKU, Azerbaijan, October 3. U.S. bank Citi has
become the first bank to launch instant payments across multiple
markets through the Swift payments scheme.
According to the bank's press service, the launch is enabling
participating bank clients to access cross-border instant payments
in several major currencies through a single account structure.
The service currently supports Australian dollar, British pound
and Indian rupee payments, while Citi's expanded US dollar clearing
capabilities provide faster transfers to Citi beneficiaries in the
US. The bank plans to add more currencies and markets.
The solution uses Citi's global clearing network and WorldLink
Payment Services and allows participating banks to connect to
domestic real-time payment systems through their existing Swift
connection, without opening separate local accounts or establishing
bilateral agreements with individual partner banks.
According to Citi, the service is available to participating
financial institutions among more than 12,500 institutions
connected to Swift.
The instant payment capability currently covers AUD payments
through Australia's New Payments Platform (NPP), GBP through the
Faster Payment System (FPS) in the UK, and INR through India's
Immediate Payment Service (IMPS).
Swift Chief Executive for the Americas Leigh Amaro said industry
cooperation was essential to developing faster and more transparent
cross-border payments.
“As usage of Swift’s retail payments framework grows and more
corridors become active, greater certainty over cost and delivery
time, full-value transfers and end-to-end visibility into
international payments will become a reality for more people and
businesses around the world,” Amaro said.
Citi is a U.S.-based global banking group serving corporations,
governments, financial institutions, investors and individuals. The
bank operates in more than 180 countries and jurisdictions and
provides a range of banking, financial services and wealth
management products.
