Citi (NYSE: C) 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 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 markets1, enabling their end clients to benefit from round-the-clock connectivity to Citi’s network.”
Furthermore, Citi’s multinational clients can now “benefit from 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 24/7 USD Clearing combines “traditional payment systems with secure blockchain technology, enabling 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.”
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.”
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.”