Citi, the global banking group serving institutions with cross-border payment needs, has launched instant payment capabilities across multiple markets through the Swift payments scheme, enabling bank clients to make real-time international transfers in currencies including AUD, GBP, INR and USD.
The service is delivered through Citi’s WorldLink® Payment Services and proprietary Global Clearing network. Clients can access several cross-border instant payment markets through one account structure, without establishing local banking relationships, negotiating bilateral agreements or developing separate technical infrastructure in each country. Citi plans to add further currencies and markets over time.
The launch comes as financial institutions look to expand access to instant payments across markets while managing the operational requirements involved in connecting to multiple domestic systems. Citi’s service is available to more than 12,500 financial institutions connected to Swift, allowing participating clients to access several domestic real-time payment networks through their existing Swift connection.
Until now, institutions seeking instant payment capabilities across different countries have typically needed to open accounts in individual markets, establish relationships with local banking partners and develop connections to domestic clearing systems. Citi’s model brings these requirements together through a single relationship and connection.
The service uses established instant payment infrastructure alongside Citi’s ISO 20022 (MX) capabilities. Australian dollar payments are routed through the New Payments Platform (NPP), while sterling payments use the Faster Payment System (FPS) and Indian rupee transactions are processed through the Immediate Payment Service (IMPS). Citi has also expanded its USD Clearing capabilities so clients can send funds directly to Citi beneficiaries in the US.
The launch builds on WorldLink’s wider real-time account-to-account offering, which combines cross-border instant payments with real-time wires. Through a single relationship, clients can access nine instant payment schemes as well as near real-time wires across 20 currencies and 54 markets.
WorldLink supports payments in 135 currencies and provides integrated FX across more than 4,500 currency pairs. Clients can also use the platform to send funds to wallets and cards.
The development forms part of Citi Services’ broader work around real-time and interoperable financial infrastructure. The bank has also been involved in Swift’s ledger initiative and offers real-time services through Citi Custody+, 24/7 USD Clearing and Citi Token Services.
Together, these capabilities support Citi’s focus on the continuous movement of money, liquidity, securities and collateral across financial institutions and markets.
Citi operates in more than 180 countries and jurisdictions, providing financial products and services to corporations, governments, investors, institutions and individuals. The group also operates a major wealth management business and serves personal banking customers in the US.
Citi head of payments, services Debopama Sen said, “The future of banking is real-time, always-on, and increasingly interconnected. Through our continued collaboration with Swift, we’re helping banks connect to instant payment capabilities across multiple markets through a seamless and scalable model. Combined with Citi’s global network, this initiative enhances speed, transparency, and reach while helping clients meet evolving expectations for how money moves. We’re proud to continue working with Swift to help advance the future of global payments.”
Swift chief executive, Americas Leigh Amaro added, “Industry collaboration is essential to delivering the faster, more transparent and more predictable cross-border payments experience consumers have come to expect. 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.”
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