Citi and Emirates NBD have partnered to launch Citi’s first-of-its-kind 24/7 USD Clearing service in the Middle East.
Emirates NBD is the the first bank to use the service make cross-border USD payments available to their corporate and retail clients around the clock.
In a statement, the firms said the service will be available in Emirates NBD’s UAE and Saudi Arabia branch networks, helping to remove barriers to the payment flow process in the region such as different weekend and early afternoon cut-off times in the UAE for executing transactions.
Emirates NBD is expected to expand the service to all its branches in the Middle East and globally, including partnerships with its third-party institutions.
Shahmir Khaliq, Head of Services, Citi, said: “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. Our 24/7 USD Clearing service is a clear differentiator in the market.
Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said: “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. The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays.”
