Citigroup expands cross-border instant payments to partner banks

By Tatiana ‌Bautzer

NEW YORK, ​July ​9 (Reuters) - Citigroup said it completed its first instant international ‌payment in dollars with a partner ⁠bank, Thailand's Siam Commercial Bank.

• Phillip ‌Securities Thailand, a client ‌of SCB, made an instant transfer of funds in dollars from ​a Citigroup account in the UK to a Siam Commercial ⁠Bank account in Thailand during the U.S. July ​4 holiday weekend, Citigroup said in a statement.

• SCB is ​among the 300 banks ‌integrated with Citi's international instant payments network that ⁠serves multinational clients at Citi's Services division.

• Citi's Head of Payments Debopama ⁠Sen said she sees rising client interest ​in instant international transfers between accounts in different banks.

• Instant international transfers through tokenized ‌deposits within Citigroup accounts held by companies are close ‌to $1 billion daily. Citigroup’s global ⁠payments division processes ‌around $6 trillion ​daily across 180 countries.

(Reporting by Tatiana Bautzer; Editing by Lincoln ‌Feast.)

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