Citi Token Services to support payments to any of the 250 banks using 24/7 USD Clearing
The post Citi Token Services to support payments to any of the 250 banks using 24/7 USD Clearing appeared on BitcoinEthereumNews.com. Citigroup has unveiled a major expansion of its blockchain-based platform, Citi® Token Services, announcing an industry-first integration with its 24/7 USD Clearing solution to enable near-instant cross-border payments and liquidity management for institutional clients. The integration, which Citi disclosed in a press release, promises to expand the bank’s ability to provide payments around the clock across its global network. With over 250 banking partners in more than 40 markets already utilizing the bank’s clearing system, the addition of tokenized settlement capabilities aims to reduce friction in transferring money. Citi integrates blockchain into its global clearing infrastructure Citi Token Services is using a private, permissioned blockchain to facilitate tokenized cash and trade finance solutions within Citi’s ecosystem. By embedding this into its established 24/7 USD Clearing infrastructure, Citi seeks to bridge traditional payments with blockchain-enabled efficiency. “This integration allows corporates and financial institutions to move millions of dollars in a matter of seconds,” said Debopama Sen, Citi’s Head of Payments, in the release. “Global commerce doesn’t take weekends off and neither should payments.” The solution addresses a long-standing challenge for treasurers and banks, which is how to manage liquidity across multiple geographies without tying up capital or waiting for business-hour cut-offs. Banks push for continuous liquidity Increased liquidity and instant settlements are some of the major appeals of Citi’s integrated system. According to Stephen Randall, Citi’s Global Head of Liquidity Management Services, the initiative would allow treasurers to exercise “unprecedented control and flexibility” while minimizing the technical and risk management hurdles associated with other real-time settlement systems. For banks and corporates that operate across multiple time zones, this may reduce the need for redundant cash buffers. “Our clients demand financial solutions that operate at the speed of their business,” Randall noted. “This significantly reduces friction in payments and liquidity.” According to…
The post Citi Token Services to support payments to any of the 250 banks using 24/7 USD Clearing appeared on BitcoinEthereumNews.com.
Citigroup has unveiled a major expansion of its blockchain-based platform, Citi® Token Services, announcing an industry-first integration with its 24/7 USD Clearing solution to enable near-instant cross-border payments and liquidity management for institutional clients. The integration, which Citi disclosed in a press release, promises to expand the bank’s ability to provide payments around the clock across its global network. With over 250 banking partners in more than 40 markets already utilizing the bank’s clearing system, the addition of tokenized settlement capabilities aims to reduce friction in transferring money. Citi integrates blockchain into its global clearing infrastructure Citi Token Services is using a private, permissioned blockchain to facilitate tokenized cash and trade finance solutions within Citi’s ecosystem. By embedding this into its established 24/7 USD Clearing infrastructure, Citi seeks to bridge traditional payments with blockchain-enabled efficiency. “This integration allows corporates and financial institutions to move millions of dollars in a matter of seconds,” said Debopama Sen, Citi’s Head of Payments, in the release. “Global commerce doesn’t take weekends off and neither should payments.” The solution addresses a long-standing challenge for treasurers and banks, which is how to manage liquidity across multiple geographies without tying up capital or waiting for business-hour cut-offs. Banks push for continuous liquidity Increased liquidity and instant settlements are some of the major appeals of Citi’s integrated system. According to Stephen Randall, Citi’s Global Head of Liquidity Management Services, the initiative would allow treasurers to exercise “unprecedented control and flexibility” while minimizing the technical and risk management hurdles associated with other real-time settlement systems. For banks and corporates that operate across multiple time zones, this may reduce the need for redundant cash buffers. “Our clients demand financial solutions that operate at the speed of their business,” Randall noted. “This significantly reduces friction in payments and liquidity.” According to…
What's Your Reaction?
