Citi Launches 24/7 Real-Time Cross-Border Payments for Institutional Clients

Citi Launches 24/7 Real-Time Cross-Border Payments for Institutional Clients

Citi has officially transitioned its Citi Token Services for Cash from a pilot initiative to a fully operational commercial solution, enhancing the ability to facilitate multimillion-dollar transactions for institutional clients. This pivotal move signifies a major advancement in Citi’s mission to provide real-time transaction banking services that are always available.

Overview of Citi Token Services for Cash

The newly launched service offers 24/7 cross-border liquidity and payment solutions between participating Citi branches. This innovative system operates on a private, permissioned blockchain that is owned and managed by Citi, ensuring a secure transaction environment.

  • No need for clients to hold or manage tokens.
  • Initial pilot conducted between Singapore and New York.
  • Plans for expansion to additional branches in the future.

Advancements in Trade Finance

In a related announcement, Citi has also launched the first real-world application of its Citi Token Services for Trade within the global shipping sector. This initiative involves pilot transactions facilitated with shipping agents such as CB Fenton and GAC Panama Shipping.

The goal of Citi Token Services for Trade is to revolutionize trade finance by:

  1. Replacing traditional processes with smart contracts backed by tokenized cash.
  2. Enabling 24/7 settlements once predetermined criteria are met.
  3. Reducing transaction times from days to mere minutes.

Insights from Citi Executives

Ambrish Bansal, Global Head of Liquidity and Cash Concentration Products at Citi, expressed enthusiasm about the new capabilities: “We’ve long seen the potential for clients with Citi Token Services for Cash and are pleased to have the opportunity to now deliver those advantages on an increasing scale. For clients, inefficiencies and pain-points like service windows and cut-off times will increasingly fade away as we drive more innovation in this space.”

Ryan Rugg, Head of Digital Assets, Treasury and Trade Solutions at Citi, emphasized the significance of this development: “The continued progress of Citi Token Services is a key component of Citi’s pursuit of real-time, always-on services for its institutional clients. By using Distributed Ledger Technology (DLT) and smart contracts, Citi has created a patented programmable payment and liquidity platform that will reduce costs and streamline processes.”

For more information on Citi’s innovative financial solutions, visit Citi’s official website.

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