Citi becomes first bank to activate multi-market instant payments on Swift, covering AUD, GBP and INR
Citi becomes first bank to activate multi-market instant payments on Swift, covering AUD, GBP and INR #
Citi has become the first bank to go live with multiple markets simultaneously on the Swift payments scheme, allowing institutional bank clients to reach cross-border instant payment networks in several countries through a single account relationship rather than separate local banking arrangements, the company announced on Monday.
The solution runs through Citi’s Global Clearing network and its WorldLink Payment Services platform, and is open to more than 12,500 financial institutions that already hold a Swift connection. At launch, clients can route instant payments in Australian dollars via Australia’s New Payments Platform, British pounds via the Faster Payments System, and Indian rupees via the Immediate Payment Service. Citi also confirmed it has expanded its USD Clearing capabilities so clients can direct funds to Citi US beneficiaries more quickly, adding a fourth corridor to the initial offering. The bank said it intends to extend the service to further currencies and markets over time.
Reaching instant payment infrastructure across multiple jurisdictions has historically required opening separate local bank accounts in each country, negotiating bilateral agreements with local partner banks, and building custom technical integrations into domestic clearing systems. Citi’s arrangement consolidates that into a single Swift connection, with the bank acting as the intermediary that handles local market access on behalf of its clients.
Debopama Sen, head of payments at Citi Services, described the model as “seamless and scalable,” saying it enhances speed, transparency, and reach while helping clients meet growing expectations around how money moves across borders. Leigh Amaro, chief executive for Americas at Swift, said the collaboration moves closer to delivering cross-border payment experiences that are faster, more transparent, and more predictable, with full-value transfers and end-to-end visibility becoming a reality for more corridors as usage of Swift’s retail payments framework grows.
The announcement connects to Citi’s existing participation in Swift’s shared ledger initiative, its Citi Custody+ product, and its Citi Token Services. The bank described the multi-market instant payments capability as part of a broader push toward real-time, cross-border movement of money, liquidity, securities, and collateral.
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