Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.
Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.
“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,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.
Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.
According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.
Shahmir Khaliq, Citi’s head of services, described the collaboration as “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,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”
Source: fintechfutures.com
