Global bank Citi is set to launch SEPA (Single Euro Payments Area) instant payments in 36 European countries.
The new offering allows Citi’s clients the ability to pay and receive payments across EU regions in real time. Transactions are expected to be completed within seconds with funds being made available “24/7 for immediate use”.
SEPA payments are eligible in 36 European countries and are designed to simplify bank transactions across Europe. Created by the EEA (European Economic Area), SEPA payments aim to make cash withdrawals cheaper, with a focus on standardising transactions in Euros.
Mark McNulty, Head of Payments and Receivables, Treasury and Trade Solutions at Citi, commented: “Clients will be able to transact instantly with immediate settlement of funds. This capability can support new business models and ensure our clients can operate effectively in an increasingly real-time 24/7 digital economy.”
New features of Citi’s expansion into SEPA payments include a single point of access through CitiConnect’s API and CitiDirect for instant payments to be processed.
Furthermore, the US bank is continuing to support 29 other markets across the globe with instant payments, with an international reach of up to 60 countries.
“We are seeing an increasing number of countries advance their digital capabilities and introduce local instant payment schemes,” added Elena Gomez, Global Head of Domestic Payments, Treasury and Trade Solutions at Citi.
“Citi has built a globally consistent solution that provides uniform connectivity to all key domestic instant payment systems. We have taken a single point-of-entry approach, utilising API connectivity, to enable clients to make payments in multiple markets, and access key real time services such as payment status or balance enquiries, as well as instant notification of incoming credits and outgoing debits.”