Key facts
- Citigroup completed its first instant international payment in U.S. dollars with Thailand's Siam Commercial Bank.
- The transaction involved Phillip Securities Thailand transferring funds from a UK Citigroup account to a Thai Siam Commercial Bank account.
- Siam Commercial Bank is one of 300 banks integrated with Citigroup's international instant payments network.
- Citigroup is integrating its blockchain-based token services platform with its clearing solution to enable 24/7 cross-border payments.
- The service will initially be available to clients in the U.S. and U.K., with plans for global expansion.
- Citigroup's 24/7 USD Clearing solution supports over 250 banks in more than 40 markets.
Citigroup has successfully executed its first instant international payment in U.S. dollars with a partner bank, Thailand's Siam Commercial Bank. The transaction, which occurred during the U.S. July 4 holiday weekend, saw Phillip Securities Thailand transfer funds from a Citigroup account in the UK to a Siam Commercial Bank account in Thailand.
Siam Commercial Bank is among the 300 banks integrated with Citigroup's international instant payments network, which serves multinational clients. Citigroup plans to integrate its blockchain-based token services platform with its clearing solution to create a 24/7, multibank cross-border instant payments capability for institutional clients in the U.K. and U.S., an offering described as an industry first.
Debopama Sen, Citi's Head of Payments, Services, noted rising client interest in instant international transfers between different banks. Currently, instant international transfers within Citigroup accounts for companies amount to $1 billion daily. Citigroup's 24/7 USD Clearing solution facilitates active transactions for over 250 banks across more than 40 markets. The bank also recently integrated its cross-border payments solution with Dandelion's digital wallet network, enabling near-instant, full-value payments to digital wallets worldwide.