Citigroup Expands Instant Cross-Border Dollar Payments to Partner Banks
Synopsis
Citigroup has expanded its cross-border instant payments network after completing its first international U.S. dollar transfer with Thailand’s Siam Commercial Bank, with more than 300 partner banks now connected.
Key Highlights
- completed a pioneering instant international U.S. dollar payment with a partner bank and Citigroup.
- Siam Commercial Bank (SCB) in Thailand executed the first transaction.
- Citi is connected to over 300 banks around the world through its international instant payments network.
Citigroup announced it has carried out an initial instant international payment in U.S. dollars with a partner bank, extending its cross-border payments network. The first transaction was the case of Siam Commercial Bank (SCB) in Thailand.
First Instant Payment Completed
Citigroup said it arranged an immediate transfer of U.S. dollars when Phillip Securities Thailand, a client of SCB, had money sent from its Citigroup account in the UK to a Siam Commercial Bank account in Thailand over the U.S. July 4 holiday weekend.
Over 300 Banks are Connected through the network
SCB is one of the 300 licensed banks connected to Citi’s global immediate payments network, best positioned for multinational customers under SCB Services. As clients begin to expand internationally, instant international transfers between accounts at different banks are growing in interest among them, Citigroup’s Head of Payments Debopama Sen said.
Daily Transfers Reach $1 Billion
Instant international transfers between Citigroup accounts owned by companies are worth about US$1 billion a day currently, Citigroup had said.
Source: Reuters
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