The clients will have the ability to instantly pay to and receive from 36 SEPA countries
Citi has announced the launch of Single Euro Payments Area Instant Payments in Europe, further increasing the bank’s global Instant Payments offering.
The offering allows SEPA Credit Transfers to be made within seconds, 24/7 and funds available to recipients immediately. Payments can be made to and received from SEPA Instant participating banks located anywhere within the 36 country SEPA zone.
The new offering provides clients with a single point of access through Citi’s platforms, CitiConnect® for Files, CitiConnect® API and CitiDirect®, for executing Instant Payments. With standardized connectivity platforms, clients will benefit from a scalable solution that can facilitate rapid global expansion within a consistent architecture.
Businesses will be able to use SEPA Instant Payments for a wider range of use cases to drive business growth and efficiency, including on-demand payments. The continued growth of e-commerce business and direct-to-consumer business models make Instant Payments more relevant than ever. The new solution offers corporates greater choice and flexibility in payment methods, with a frictionless and real-time payment instrument.
In addition to SEPA, the bank supports 29 other markets globally for Instant Payments. Citi’s Instant Payments capabilities can now reach over 60 countries around the world.
We’ve reported that Colombians now have more ways to make cross-border transactions with Western Union.