Citigroup expands cross-border instant payments to partner banks
Citigroup Inc. C | 0.00 |
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 within Citigroup accounts held by companies amount to $1 billion daily.
