Payments
Citi partners with Emirates NBD for clearing service in Middle East
June 17, 2024
Citi partnered with Emirates NBD, a banking group in the Middle East, North Africa and Turkiye region to introduce a USD clearing service. With this service, Emirates NBD can make cross-border USD payments 24/7, according to a press release.
Customers in Emirates NBD's United Arab Emirates and Kingdom of Saudia Arabia branches can utilize this service initially, with plans to expand it to all its branches in the Middle East and worldwide.
"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," Shahmir Khaliq, head of services, Citi, said in the release. "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."
"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," Ahmed Al Qassim, group head of wholesale banking, Emirates NBD, said in the release.
