Citi has become the first bank to go live with multi-market instant payments through the Swift payments scheme, expanding its cross-border payments capabilities across Australia, the UK, and India. The launch enables real-time payments in Australian dollars through the New Payments Platform (NPP), British pounds through the Faster Payment System (FPS), and Indian rupees through the Immediate Payment Service (IMPS). Citi has also expanded its USD Clearing capabilities, allowing clients to transfer funds directly to Citi U.S. beneficiaries and broaden access to faster payment options. By combining its global banking network, established ISO 20022 (MX) capabilities, and connectivity to the Swift payments scheme, Citi aims to help clients introduce new payment capabilities more quickly while simplifying access to multiple domestic instant payment systems.
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“Industry collaboration is essential to delivering the faster, more transparent and more predictable cross-border payments experience consumers have come to expect. As usage of Swift’s retail payments framework grows and more corridors become active, greater certainty over cost and delivery time, full-value transfers and end-to-end visibility into international payments will become a reality for more people and businesses around the world,” said Leigh Amaro, Chief Executive, Americas at Swift. The development builds on Citi Services’ WorldLink platform, which integrates cross-border instant payments and real-time wires. Through a single relationship, clients can access nine instant payment schemes and near-real-time wires across 20 currencies and 54 markets, while WorldLink supports payments in 135 currencies and integrated foreign exchange across more than 4,500 currency pairs. The initiative reflects the broader industry push to make international payments faster, more transparent, predictable, and closer to the experience of domestic transactions.