Citigroup expands cross-border instant payments to partner banks

NEW YORK, July 9 : Citigroup said it completed its first instant international payment in dollars with a partner bank, Thailand's Siam Commercial Bank. 

• Phillip Securities Thailand, a client of SCB, made an instant transfer of funds in dollars from a Citigroup account in the UK to a Siam Commercial Bank account in Thailand during the U.S. July 4 holiday weekend, Citigroup said in a statement.

• SCB is among the 300 banks integrated with Citi's international instant payments network that serves multinational clients at Citi's Services division.

• Citi's Head of Payments Debopama Sen said she sees rising client interest in instant international transfers between accounts in different banks.

• Instant international transfers through tokenized deposits within Citigroup accounts held by companies are close to $1 billion daily. Citigroup’s global payments division processes around $6 trillion daily across 180 countries.