Citi announced its plans for an industry-first integration of Citi^® Token Services, a blockchain-based platform, with its 24/7 USD Clearing solution to create a 24/7, multibank cross-border instant payments capability for Citi’s institutional clients in the UK and US. This pioneering move expands Citi’s growing real-time, 24/7 network and empowers corporate and financial institution clients to initiate payment transactions and manage liquidity near instantaneously across Citi and non-Citi accounts globally.

Citi’s 24/7 USD Clearing solution facilitates active transactions for over 250 banks across more than 40 markets,ⁱ enabling their end clients to benefit from round-the-clock connectivity to Citi’s network. Furthermore, Citi’s multinational clients can now benefit from rapid 24/7 transfer of funds to suppliers and third parties who hold accounts within Citi’s expanding 24/7 USD Clearing network. While initially available for clients with Citi accounts in the UK and US, Citi plans to expand this offering to additional geographies in the future.

Citi Token Services leverages a private permissioned blockchain to facilitate tokenized internal liquidity transfers within Citi’s network. This integration with Citi’s industry-leading 24/7 USD Clearing combines traditional payment systems with secure blockchain technology, enabling frictionless, round-the-clock initiation and processing of cross-border USD payments. This underscores Citi’s commitment and support of its clients’ evolving digital payments needs and the global shift towards 24/7 financial operations.

“In an increasingly ‘always on’ financial landscape, global commerce doesn’t take weekends off and neither should payments,” said Debopama Sen, Head of Payments, Services, Citi. “Leveraging our digital proprietary global network, we’re enabling 24/7, near instant cross-border payments across the Citi network and our financial institution clients – helping corporates and financial institutions move millions of dollars in a matter of seconds. This is another important step in our journey of providing 24/7 payments solutions to support our clients’ real-time payments needs.”

The solution delivers key advantages:

• Continuous global payments: 24/7 near instant cross-border USD payments and liquidity movements.
• Smarter cash flow: Reduces the need to tie up funds in advance, allowing money to be used exactly when and where it’s needed.
• Reduced payment delays: Removes traditional transaction limits and cut-offs, drastically reducing friction.
• Optimized multi-bank interoperability: Enables near instant, secure transactions across Citi and non-Citi accounts using an interoperable token solution.

“Our clients demand financial solutions that operate at the speed of their business. This industry-first integration significantly reduces friction in payments and liquidity, offering unprecedented control and flexibility, especially compared to other systems that can burden clients with deep technical and incremental risk management work,” added Stephen Randall, Head of Liquidity Management Services, Citi. “Our clients are excited about this development, which underscores Citi’s leadership in innovation.”

Citi’s 24/7 USD Clearing helps clients to effectively make USD payments in near real time globally across Citi’s 1,500 financial institution customers globally, 24 hours a day, 7 days a week, including holidays in the United States.ⁱⁱ

Citi has processed billions of dollars in transaction value globally using Citi Token Services for Cash since its launch in 2024, now live in the US, UK, Singapore and Hong Kong.

Source: Citi