Citi has become the first bank to launch multi-market instant payments through the SWIFT payments scheme, giving financial institutions access to real-time cross-border transfers through a single account structure.
The service, delivered through Citi’s Global Clearing network and WorldLink Payment Services, currently supports Australian dollar payments through Australia’s New Payments Platform (NPP), British pound transfers through the UK’s Faster Payment System (FPS) and Indian rupee payments through Immediate Payment Service (IMPS).
The rollout removes the need for participating banks to establish separate local banking relationships, bilateral agreements or new technical infrastructure for each market.
The future of banking is real-time, always-on, and increasingly interconnected. Through our continued collaboration with Swift, we're helping banks connect to instant payment capabilities across multiple markets through a seamless and scalable model. Combined with Citi's global network, this initiative enhances speed, transparency, and reach while helping clients meet evolving expectations for how money moves. We're proud to continue working with SWIFT to help advance the future of global payments." - Debopama Sen, Head of Payments, Services.
Citi said the service is available to bank clients connected to SWIFT, widening access to instant cross-border payments across multiple markets. The bank plans to add more currencies and markets.
For African fintechs and businesses operating across borders, the development could strengthen the infrastructure available for faster international payments as demand grows for real-time money movement.
