US-based Citi has launched a set of four payment solutions addressed to its financial institution clients. As per the press release, the new set of functionalities is introduced as part of Citi’s Treasury and Trade Solutions (TTS) services.

The four payment capabilities are designed to improve the client experience that financial institutions extend and can reportedly be used with minimal or no implementation work or technology build. What are the four auto-enabled payment solutions? The new package of solutions comprises of: Extending the capabilities of Citi’s 24/7 USD Clearing for financial institutions to include payments to companies as well as individuals, on top of bank-to-bank payments. By incorporating this offering, financial institutions will gain the ability to make commercial payments (this refers to payments handled for the underlying retail and corporate clients of the banks).

As shared in the official statement, Citi currently has over 100 financial institution clients that are using its 24/7 USD Clearing service. The Confirmed Value Transfer (CVT) feature. This capability will ensure transparency on associated deducted fees prior to initiating a transaction when there are multiple parties involved in processing a USD cross-border payment. More precisely, the CVT solution enables Citi to provide the sending institution with an up-front view of the value of subsequent deductions of this kind. The ability to initiate payments in over 70 currencies from a single USD account.

Financial institutions will consequently be able to expand the currency processing capabilities that they offer to their customers. Access to Swift Go. Following requests from its financial institution clients, Citi can process payments via Swift Go, the recent payment service introduced by Swift. This allows banks to access Swift Go benefits without the need to build or make any implementations on their side.

Citi’s strategy and previous developments Citi serves as a banking partner for institutions requiring cross-border services, a wealth management provider, and a personal bank in the US. The company has a footprint spanning nearly 160 countries, where it extends its financial products and services to corporations, governments, investors, institutions, and individuals. Citi’s Treasury and Trade Solutions provides an integrated suite of cash management and trade finance services to multinational corporations, financial institutions, and public sector organisations worldwide.

The company is currently undergoing a major shift. Earlier in 2023, Citi completed the sale and migration of its Taiwan consumer businesses to the DBS group. In a strategic move, the company also invested in Rextie, a Peru-based fintech specialising in FX services, and announced that Foro acquired Bridge, the digital platform Citi designed in 2021 with the aim to connect SMBs to lenders for business loans.

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