Citi launches SEPA instant payments in Europe
Citi has announced the rollout of Single Euro Payments Area (SEPA) Instant Payments in Europe, adding another instant payment offering under the bank’s global umbrella.
According to the banking giant, the launch of the SEPA service would provide clients with the ability to pay to and receive from 36 SEPA countries instantly, while also allowing SEPA Credit Transfers to be made within seconds, 24/7 and funds available to recipients immediately.
Clients can make payments to and receive from SEPA Instant participating banks located anywhere within the 36 countries’ SEPA zone. This would be provided to clients with a ‘single point of access through Citi’s platforms, CitiConnect for Files, CitiConnect API and CitiDirect, for executing Instant Payments’.
The bank highlights that “with standardized connectivity platforms, clients will benefit from a scalable solution that can facilitate rapid global expansion within a consistent architecture”.
Last year, iSignthis launched SEPA instant payments while Bellin added SEPA real-time payments support following the Deutsche Bank test.
Businesses would be able to leverage SEPA instant payments with wide use cases to ‘drive business growth and efficiency, including on-demand payments’, while providing corporates with ‘greater choice and flexibility in payment methods, with a frictionless and real-time payment instrument’.
In Citi’s related news, Citi Commercial Cards teamed up with Corporate Spending Innovations for end-to-end payment solutions.
“We are seeing an increasing number of countries advance their digital capabilities and introduce local instant payment schemes”, said Elena Gomez, Global Head of Domestic Payments, Treasury and Trade Solutions, Citi.
Citi Treasury and Trade Solutions (TTS) provides clients with a suite of cash management and trade finance solutions to corporations, FIs and public sector organizations across the globe.
Source: Citi Launches SEPA Instant Payments in Europe | Business Wire