Citi Launches Blockchain-Powered 24/7 Payments

Citi is integrating its blockchain-based Citi Token Services with its 24/7 USD Clearing solution, creating near-instant cross-border payments for institutional clients in the UK and US.

The integration is intended to enable clients to initiate transactions and manage liquidity across both Citi and non-Citi accounts at any time, reflecting growing demand for real-time payment capabilities.

Debopama Sen, head of payments, services at Citi, said:  “In an increasingly ‘always on’ financial landscape, global commerce doesn’t take weekends off and neither should payments,

“Leveraging our digital proprietary global network, we’re enabling 24/7, near instant cross-border payments across the Citi network and our financial institution clients — helping corporates and financial institutions move millions of dollars in a matter of seconds."

Citi’s 24/7 USD Clearing currently supports active transactions for more than 250 banks across over 40 markets, allowing clients’ end customers to benefit from round-the-clock connectivity to the network.

Multinational clients can use the system to transfer funds quickly to suppliers and third parties within Citi’s network. While the service is initially available to clients with accounts in the UK and the US, Citi plans to expand it to additional regions over time.

Citi Token Services uses a private, permissioned blockchain to facilitate internal liquidity transfers within the bank’s network.

By integrating this technology with its 24/7 USD Clearing solution, Citi combines traditional payment systems with blockchain, aiming to reduce friction and improve the speed and security of cross-border USD payments.