Citi has launched Single Euro Payments Area (Sepa) instant payments in Europe, providing clients with the ability to pay to and receive from 36 EU countries in real-time.
The offering allows SepaCredit Transfers to be made within seconds, 24/7 and funds available to recipients immediately.
The new feature provides clients with a single point of access through CitiConnect for Files, CitiConnect API and CitiDirect, for executing instant payments.
Mark McNulty, Emea head of payments and receivables, Treasury and Trade Solutions, Citi, comments: “Clients will be able to transact instantly with immediate settlement of funds. This capability can support new business models and ensure our clients can operate effectively in an increasingly real-time 24/7 digital economy.”
In addition to Sepa, the bank already supports 29 other markets globally for instant payments, reaching over 60 countries around the world.
Elena Gomez, global head of domestic payments, Treasury and Trade Solutions, Citi, says: “We are seeing an increasing number of countries advance their digital capabilities and introduce local instant payment schemes. Citi has built a globally consistent solution that provides uniform connectivity to all key domestic instant payment systems. We have taken a single point-of-entry approach, utilisding API connectivity, to enable clients to make payments in multiple markets, and access key real time services such as payment status or balance enquiries, as well as instant notification of incoming credits and outgoing debits.”