Citi and Emirates NBD Collaborate to Launch First-of-Its-Kind 24/7 USD Cross Border Payments in the Middle East
12 Junho 2024 - 7:30AM
Business Wire
The collaboration reflects another important
milestone for Citi’s 24/7 USD Clearing multibank solution for its
bank clients globally
Today, Citi (NYSE: C) and Emirates NBD, a leading banking group
in the MENAT (Middle East, North Africa and Türkiye) region,
announced a collaboration to launch Citi’s first-of-its-kind 24/7
USD Clearing service in the Middle East. This makes Emirates NBD
the first bank to use Citi’s 24/7 USD Clearing service to make
cross-border USD payments available to their corporate and retail
clients 24 hours a day, 7 days a week, 365 days a year, end to end
across their branch network.
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The service will be available in Emirates NBD’s UAE and Kingdom
of Saudi Arabia branch networks, helping to remove barriers to the
payment flow process in the region that stem from different weekend
and early afternoon cut-off times in the UAE for executing
transactions. Emirates NBD, in collaboration with Citi, plans to
expand the service to all its branches in the Middle East and
across the globe, including partnerships with Emirates NBD’s
third-party institutions.
Shahmir Khaliq, Head of Services, Citi, said: “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. Our 24/7 USD Clearing service is a clear
differentiator in the market. It demonstrates the full value of our
globally leading cross border payments and clearing capabilities,
which enable our clients to make payments faster and in a more
efficient and transparent manner.”
Emirates NBD will fully utilise Citi’s 24/7 USD Clearing
capabilities, including commercial payments and treasury payments
execution. The collaboration with Citi reinforces Emirates NBD’s
industry-leading role in providing its clients with innovative
services.
Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates
NBD, said: “Our collaboration with Citi to bring 24/7 USD
Clearing to the region reflects our commitment to facilitate the
payment needs of our clients in key trade corridors in which they
operate. The introduction of 24/7 USD Clearing will support the
growth ambitions of our clients by giving them the ability to
seamlessly transfer funds in a timely manner without having to
worry about cutoffs and holidays.”
Citi’s 24/7 USD Clearing technology and network is an essential
component of the solution enabling Emirates NBD to provide 24/7/365
USD services between its branches. The service enables financial
institutions to make USD payments across Citi's 1,500 financial
institution customers globally, 24 hours a day, 7 days a week,
including holidays in the United States. Citi now has more than 130
FI clients using its 24/7 USD Clearing service since 2022.
For more information visit Citi Services.
About Citi
Citi is a preeminent banking partner for institutions with
cross-border needs, a global leader in wealth management and a
valued personal bank in its home market of the United States. Citi
does business in nearly 160 countries and jurisdictions, providing
corporations, governments, investors, institutions and individuals
with a broad range of financial products and services.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube:
www.youtube.com/citi | Facebook: www.facebook.com/citi
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in
the MENAT (Middle East, North Africa and Türkiye) region with a
presence in 13 countries, serving over 9 million active customers.
As at 31st March 2024, total assets were AED 902 billion,
(equivalent to approx. USD 246 billion). The Group has operations
in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia,
Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain
and representative offices in China and Indonesia with a total of
858 branches and 4,450 ATMs / SDMs. Emirates NBD is the leading
financial services brand in the UAE with a Brand value of USD 3.89
billion.
Emirates NBD Group serves its customers (individuals,
businesses, governments, and institutions) and helps them realise
their financial objectives through a range of banking products and
services including retail banking, corporate and institutional
banking, Islamic banking, investment banking, private banking,
asset management, global markets and treasury, and brokerage
operations. The Group is a key participant in the global digital
banking industry with 97% of all financial transactions and
requests conducted outside of its branches. The Group also operates
Liv, the lifestyle digital bank by Emirates NBD, with close to half
a million users, it continues to be the fastest-growing bank in the
region.
Emirates NBD contributes to the construction of a sustainable
future as an active participant and supporter of the UAE’s main
development and sustainability initiatives, including financial
wellness and the inclusion of people of determination. Emirates NBD
is committed to supporting the UAE’s Year of Sustainability as
Principal Banking Partner of COP28 and an early supporter to the
Dubai Can sustainability initiative, a city-wide initiative aimed
to reduce use of single-use plastic bottled water.
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Victoria Ifan Victoria.ifan@citi.com +1 212 816 6149 Tara
Siriniyan Tara.siriniyan@citi.com +971 56 791 6146 Mahmoud Kassem
Mkassem@brunswickgroup.com +971 54 177 0899
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