In a significant step towards faster and more efficient cross-border payments, Citi and Emirates NBD, a leading banking group in the MENAT region, today announced a collaboration to launch Citi’s first-ever 24/7 USD Clearing service in the Middle East.
This innovative solution allows Emirates NBD to offer its corporate and retail clients 24/7/365 availability for USD payments, eliminating disruptions caused by time zone differences and regional holidays. This streamlines the payment process and provides greater flexibility for businesses and consumers conducting transactions across the Middle East and beyond.
Emirates NBD becomes the first bank to utilize Citi’s 24/7 USD Clearing service, offering end-to-end processing within their branch network across the United Arab Emirates and the Kingdom of Saudi Arabia. The collaboration plans to extend the service to all Emirates NBD branches globally and integrate third-party institutions for wider coverage.
Shahmir Khaliq, Head of Services at Citi: “This collaboration marks a crucial step towards an ‘always-on’ experience for banks and their clients. Citi’s 24/7 USD Clearing differentiates us in the market, enabling faster, more efficient, and transparent cross-border payments.”
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD: “This collaboration strengthens our commitment to facilitating client payment needs. 24/7 USD Clearing empowers our clients with seamless and timely fund transfers, eliminating concerns about cut-off times and holidays.”
Citi’s robust 24/7 USD Clearing technology and network power this solution. It allows Emirates NBD to offer round-the-clock USD services between branches and facilitates USD payments to Citi’s network of 1,500 financial institutions globally. Since its launch in 2022, Citi’s 24/7 USD Clearing has attracted over 130 financial institution clients.
This collaboration between Citi and Emirates NBD paves the way for a more efficient and interconnected financial ecosystem in the Middle East and beyond, fostering faster and more convenient cross-border transactions.
