Citi has announced the launch of Single Euro Payments Area (SEPA) Instant Payments in Europe, further increasing the bank’s global Instant Payments offering.
The launch will provide clients with the ability to pay to and receive from 36 SEPA countries instantly. The offering allows SEPA Credit Transfers to be made within seconds, 24/7 and funds available to recipients immediately. Payments can be made to and received from SEPA Instant participating banks located anywhere within the 36 country SEPA zone.
The new offering provides clients with a single point of access through Citi’s platforms, CitiConnect® for Files, CitiConnect® API and CitiDirect®, for executing Instant Payments. With standardised connectivity platforms, clients will benefit from a scalable solution that can facilitate rapid global expansion within a consistent architecture.
Mark McNulty, EMEA Head of Payments and Receivables, Treasury and Trade Solutions, Citi, commented: “With our latest launch of SEPA Instant Payments in Europe, we have further expanded our market-leading Instant Payments proposition for payments to and from the SEPA zone. 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. An exciting development and yet another milestone for our payments business.”
Businesses will be able to use SEPA Instant Payments for a wider range of use cases to drive business growth and efficiency, including on-demand payments. The continued growth of ecommerce business and direct-to-consumer business models make Instant Payments more relevant than ever. The new solution offers corporates greater choice and flexibility in payment methods, with a frictionless and real-time payment instrument.
Elena Gomez, Global Head of Domestic Payments, Treasury and Trade Solutions, Citi, commented: “We are seeing an increasing number of countries advance their digital capabilities and introduce local instant payment schemes. 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.”
In addition to SEPA, the bank supports 29 other markets globally for Instant Payments. Citi’s Instant Payments capabilities can now reach over 60 countries around the world.