Citi has further extended its global instant payments offering with the launch of its Single Euro Payments Area (SEPA) Instant Payments in Europe, a press release reported.
“We are seeing an increasing number of countries advance their digital capabilities and introduce local instant payment schemes,” global head of domestic payments, treasury and trade solutions, Citi, Elena Gomez, said in the release. “Citi has built a globally consistent solution that provides uniform connectivity to all key domestic instant payment systems. We have taken a single point-of-entry approach, utilizing API connectivity, to enable clients to make payments in multiple markets, and access key real-time services such as payment status or balance enquiries, as well as instant notification of incoming credits and outgoing debits.”
The launch will grant clients access to various Citi platforms, such as CitiConnect for Files, CitiConnect® API and CitiDirect®, through a single source, to pay and receive money from 36 other SEPA countries. The transaction can be made instantly, and on a 24-hour basis.
“Clients will be able to transact instantly with immediate settlement of funds,” Mark McNulty, EMEA head of payments and receivables, treasury and trade solutions, Citi, said in the release. “This capability can support new business models and ensure our clients can operate effectively in an increasingly real-time 24/7 digital economy. An exciting development and yet another milestone for our payments business.”
SEPA forms part of a global catalog of instant payments supported by the bank, which includes 29 other markets. Its instant, digital transaction abilities have now been installed across 60 countries.
According to the company, the “continued growth of ecommerce business and direct-to-consumer business models make instant payments more relevant than ever,” a related press release states. “The new solution offers corporates greater choice and flexibility in payment methods, with a frictionless and real-time payment instrument.”
“With our latest launch of SEPA Instant Payments in Europe, we have further expanded our market-leading instant payments proposition for payments to and from the SEPA zone,” McNulty said.