Citi Rewires Global Payments Through Single Swift Connection

Citi has introduced a new solution that allows its bank clients to access multiple cross-border instant payment markets through a single account structure, according to a press release on September 29. This offering eliminates the need for these bank clients to maintain separate local banking relationships, bilateral agreements, or local technical infrastructure.

The solution leverages the Swift payments scheme and is powered by Citi's Global Clearing network and WorldLink Payment Services. It is accessible to Citi's bank clients connected to Swift, enabling them to tap into real-time payment networks using their existing Swift connection. Debopama Sen, head of payments, services at Citi, stated that this collaboration with Swift helps banks seamlessly connect to instant payment capabilities across various markets, enhancing speed, transparency, and reach while meeting evolving client expectations for cross-border money transfers.

Swift's chief executive, Leigh Amaro, emphasized that the partnership delivers a faster, more transparent, and predictable cross-border payments experience. As the usage of Swift's retail payments framework expands and more corridors become active, end-to-end visibility into international payments, cost certainty, and predictable delivery times are expected to become accessible to more people and businesses worldwide.

This offering also builds upon Citi's involvement in Swift's ledger initiative, which successfully processed live transactions on the blockchain-based ledger in September. This represents a significant milestone in Citi's strategy to deliver always-on, cross-currency, and interoperable payment solutions for its international clients.

In July, Swift announced that its blockchain-based ledger was ready for use, with 17 banks preparing live pilot transactions on the ledger. The shared ledger enables banks to securely orchestrate tokenized deposits on their own ledgers, facilitating fund transfers for customers even on weekends and nights before final settlement is completed through existing systems.