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Citi and Emirates NBD, a top banking group in the MENAT (Middle East, North Africa and Türkiye) region, announced a partnership to introduce Citi’s innovative 24/7 USD Clearing service in the Middle East on Wednesday.
Emirates NBD is the inaugural bank to adopt Citi’s round-the-clock USD Clearing service, enabling its corporate and retail clients to make cross-border USD transactions continuously through their extensive branch network.
The service will initially be rolled out in Emirates NBD’s branches in the UAE and Kingdom of Saudi Arabia. It aims to simplify the payment process in the region, addressing challenges such as varying weekend schedules and early transaction cut-off times in the UAE.
Emirates NBD, in partnership with Citi, intends to extend this service to all its Middle Eastern branches and globally, enhancing its collaborations with third-party institutions.
Shahmir Khaliq, Head of Services at 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. 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.”
Emirates NBD will take full advantage of Citi’s comprehensive 24/7 USD Clearing capabilities, covering commercial and treasury payment executions. This partnership underlines Emirates NBD’s pivotal role in delivering innovative services to its clients.
Ahmed Al Qassim, Group Head of Wholesale Banking at 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.”
Citi’s 24/7 USD Clearing technology and extensive network play a crucial role, enabling Emirates NBD to offer uninterrupted USD transaction services throughout the year. Citi now supports over 130 financial institution clients with its 24/7 USD Clearing service, an expansion since its launch in 2022.
