Citi’s Treasury and Trade Solutions (TTS) has significantly expanded its offering, with domestic instant payments in Brazil bringing its global footprint to 28 markets in multiple geographic regions.
It comes as engagement with Citi’s instant payments platform has grown significantly, specifically over the past 12 months.
With Instant payments, also known as real-time or immediate payments, funds can be transmitted within seconds, 24/7 and are available to recipients immediately.
“The needs of our clients are constantly evolving, especially with the growth of digital across all industries. Instant Payments are fast becoming the new norm, enabling our clients to enhance their experience and shift towards a 24/7, always-on environment,” said Shahmir Khaliq, Global Head of Citi Treasury and Trade Solutions.
“With the growth of both Consumer to Business and Business to Consumer flows, instant payments provide a convenient alternative to traditional methods that can help strengthen customer connections. Citi continues to invest in its network and platforms to provide the latest solutions to help clients meet their evolving payment needs.”
Citi’s Instant Payments consist of API-driven features, and have been designed to provide a unified and globally consistent point of access for clients to implement domestic instant payments in multiple markets covering all regions and key economies. Benefits of the platform to clients include the ability to launch globally consistent payment methods quickly in a consistent manner.
“Citi’s Global Instant Payments platform, which Uber is using in our top 4-5 markets, seamlessly delivers real-time payments across borders, offering a superior experience for customers,” added Rasik Krishna, Global Disbursements & Earner financial products for Uber. “This completely interoperable solution has been a real success factor for us at Uber and we plan to expand it to additional geographic regions going forward.”
Citi has taken a single point-of-entry (one-API connectivity) approach allowing a company to grow its payments capabilities in multiple markets much quicker than before. In addition, complimentary APIs can be used to tap a host of value-added services, such as real-time verification of payment status and payers’ balances, instant notification of incoming credits and outgoing debits, and other services that seamlessly integrate clients’ systems with Citi’s to digitise processes.
“Using Citi’s instant payments solution and APIs allows us to better manage large volumes of payments and achieve straight-through processing. The impact of this solution has been phenomenal, enabling our business to have a competitive advantage and providing a service to the community as our riders can get paid faster,” stated Becky Landrock, Senior Treasury Manager, Deliveroo.