Citigroup has completed its first instant international payment in dollars with a partner bank, Thailand’s Siam Commercial Bank. This development marks a significant milestone in the company’s efforts to expand its cross-border payment capabilities.
Details of the Transaction
According to Citigroup, the transaction involved 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. The client, Phillip Securities Thailand, utilized Citi’s international instant payments network to facilitate the transfer.
Citi’s Head of Payments, Debopama Sen, noted that the company is seeing rising client interest in instant international transfers between accounts in different banks. This trend is expected to continue, with instant international transfers within Citigroup accounts held by companies already amounting to $1 billion daily.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
