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.
