Citi Treasury and Trade Solutions unveils four payment features for financial institutions
Citi Treasury and Trade Solutions has launched a set of four new payment solutions aimed at improving the client experience for Financial Institution (FI) clients. These new functionalities, which require little to no implementation effort, come with features like extended 24/7 USD Clearing services, Confirmed Value Transfer (CVT), multi-currency payments from a single USD account, and Swift Go processing capabilities.
Extended 24/7 USD Clearing Services
The first feature extends Citi’s 24/7 USD Clearing service for Financial Institutions. This feature now includes payments to companies and individuals, in addition to the existing bank-to-bank payments. Launched in late 2022, this service already has over 100 FI clients.
Confirmed Value Transfer Offers Fee Transparency
The second feature, known as Confirmed Value Transfer, provides transparency on associated fees when multiple parties are involved in processing a USD cross-border payment. CVT allows Citi to give the sending institution an up-front view of such downstream deductions, aiming to improve client experience and transparency.
Payments in 70+ Currencies from a Single USD Account
The third feature enables Financial Institutions to initiate payments in over 70 different currencies from a single USD account. This offers a cost-efficient way for clients to broaden their currency processing capabilities.
Access to Swift Go Service
The fourth feature allows Citi to process payments via Swift Go upon request from Financial Institution clients. This enables clients to access Swift Go’s benefits without any further technology build or implementation efforts.
“We are committed to help our FI clients grow and succeed by providing fully embedded solutions that empower them to more rapidly drive digital transformation, delivering next-gen experiences to their underlying clients,” said Will Artingstall, Global Co-Head of Cross-Border Payments at Citi Treasury and Trade Solutions.
“This new set of solutions aims to improve current capabilities for clients, and has been designed to enhance their client experience, lower costs, and increase speed and transparency as well. We are pleased to help our clients decrease complexity provided through these kinds of solutions, while remaining laser-focused on ease of adoption, scalability and immediate impact on the end customer experience,” said Dawid Janas, Global Head of FI Payments and Clearing at Citi Treasury and Trade Solutions.