Citi and Emirates NBD has partnered to launch Citi’s first-of-its-kind 24/7 USD clearing service in the Middle East.
The collaboration makes Emirates NBD the first bank to use Citi’s 24/7 USD clearing service to make cross-border USD payments available to their corporate and retail clients 24 hours a day, seven days a week, 365 days a year, end to end across their branch network.
The service will be available in Emirates NBD’s UAE and Saudi Arabia branch networks, helping to remove barriers to the region’s payment flow process from the different weekend and early afternoon cut-off times in the UAE for executing transactions.
Emirates NBD, in collaboration with Citi, plans to expand the service to all its branches in the Middle East and across the globe, including partnerships with Emirates NBD’s third-party institutions.
“Consumers demand instant payment capabilities no matter where they are in the world, and our collaboration with Emirates NBD is an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers,” said Shahmir Khaliq, Head of Services, Citi.
“Our 24/7 USD Clearing service is a clear differentiator in the market. It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, enabling our clients to make payments faster, more efficiently, and transparently.”
Emirates NBD will fully utilise Citi’s 24/7 USD clearing capabilities, including commercial payments and execution of treasury payments. The collaboration with Citi reinforces Emirates NBD’s industry-leading role in providing its clients with innovative services.
“Our collaboration with Citi to bring 24/7 USD clearing to the region reflects our commitment to facilitate the payment needs of our clients in key trade corridors in which they operate,” said Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD.
“The introduction of 24/7 USD Clearing will support our clients’ growth ambitions by allowing them to seamlessly transfer funds promptly without worrying about cutoffs and holidays.”
Citi’s 24/7 USD clearing technology and network are essential components of the solution, enabling Emirates NBD to provide 24/7/365 USD services between its branches. The service allows financial institutions to make USD payments across Citi’s 1,500 customers globally, 24 hours a day, 7 days a week, including holidays in the United States. Citi has over 130 financial institution clients using its 24/7 USD clearing service since 2022.
