Yahoo Finance Citigroup (C) Unveils 24/7 Cross Border Payment With New Tie-Up
Citigroup Inc. C plans to introduce Citi’s first-of-its-kind 24/7 USD Clearing service in the Middle East in collaboration with Emirates NBD — a leading banking group in the Middle East, North Africa and Türkiye region. This collaboration makes the company’s cross-border 24/7 USD payments available to Emirates NBD’s corporate and retail clients 24 hours, end to end across its branch network.
The partnership came across as a significant milestone for Citi's 24/7 USD Clearing multibank service for its bank clients worldwide.
The service will be offered in Emirates NBD's UAE and Kingdom of Saudi Arabia branch networks. This will assist in the removal of regional payment flow hurdles stemming from the UAE's differing weekend and early afternoon transaction cut-off times.
Together with Citi, Emirates NBD plans to extend the service to all of its branches in the Middle East and globally, including partnerships with Emirates NBD’s third-party institutions.
Citigroup's 24/7 USD Clearing service is a significant market differentiator. It represents the entire benefit of the company's global leading cross-border payments and clearing capabilities, which allow its clients to make payments more quickly, efficiently and transparently. With this collaboration, Emirates NBD intends to fully leverage Citi's round-the-clock USD clearing capabilities, including the execution of both commercial and treasury payments.
Further, Citi's 24/7 USD Clearing technology enables Emirates NBD to offer 24/7/365 USD services, enabling financial institutions to make payments globally, including holidays in the United States.
Shahmir Khaliq, head of services at Citigroup, stated, “Consumers demand instant payment capabilities no matter where they are in the world, and our collaboration with Emirates NBD is an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”
Bottom Line
Given the competitive environment in which Citigroup competes, the collaboration announcement is well-timed. In a nutshell, Citigroup and Emirates NBD's partnership to launch the first-ever 24/7 USD Clearing service in the Middle East is a significant breakthrough in the region's banking sector.
Over the past six months, shares of CFG have gained 23.1% compared with the industry’s growth of 13.8%.
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CFG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Banks Investing in Technology Platforms
M&T Bank Corporation MTB expanded its utilization of the nCino platform and integration of the latter’s continuous credit monitoring solution into its operations.
MTB has been a long-standing customer of nCino. The company is now ramping up its use of nCino’s Continuous Credit Monitoring Solution, powered by nIQ, which uses Rich Data Co’s AI decisioning platform. This solution specializes in streamlining potential warnings and customer reviews and helps uncover new and lower-risk lending opportunities.
Fifth Third Bancorp FITB, in collaboration with Bottomline, launched Enhanced Payables, a new payment platform powered by the latter’s business payments network, Paymode-X.
Enhanced Payables integrates Bottomline’s industry-leading business payments technology and FITB's wide-ranging banking services to offer customers a diverse range of payment modes.
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