Citi and Emirates NBD New Collaboration: With 24/7 USD Payments
Citi and Emirates NBD have joined forces to introduce a groundbreaking 24/7 USD Clearing service in the Middle East. This collaboration marks a significant milestone, making Emirates NBD the first bank in the region to provide round-the-clock cross-border USD payments. This service will be available to corporate and retail clients, ensuring seamless transactions across the UAE and the Kingdom of Saudi Arabia.
Addressing Regional Barriers
The new service addresses key challenges in the region, such as differing weekend schedules and early afternoon cut-off times in the UAE, which have traditionally hindered the payment process. By implementing Citi’s 24/7 USD Clearing service, Emirates NBD aims to eliminate these barriers, enabling uninterrupted payment flows. This initiative is set to expand beyond the UAE and Saudi Arabia, eventually reaching all Emirates NBD branches worldwide and including third-party institutional partnerships.
Statements from Key Executives
Shahmir Khaliq, Head of Services at Citi, highlighted the significance of this collaboration, stating, “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 multi-bank 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, enabling our clients to make payments faster, more efficiently, and transparently.”
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, echoed these sentiments, saying, “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 our client’s growth ambitions by allowing them to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays.”
Technological and Network Infrastructure
Citi’s advanced 24/7 USD Clearing technology and extensive network are crucial to the success of this service. By leveraging these capabilities, Emirates NBD will offer continuous USD services between its branches, ensuring financial institutions can make payments anytime, including holidays in the United States. Since its launch in 2022, Citi’s 24/7 USD Clearing service has been adopted by over 130 financial institution clients globally.
Emirates NBD’s Strategic Vision
Emirates NBD is set to fully utilise Citi’s 24/7 USD Clearing capabilities for commercial and treasury payments. This collaboration underlines Emirates NBD’s leading position in providing innovative banking services. The bank’s strategic vision includes supporting its clients’ growth ambitions by offering seamless, timely fund transfers that are not restricted by traditional cut-off times and holidays.
Broader Impact and Future Expansion
This collaboration enhances the efficiency of cross-border payments and reinforces Emirates NBD’s role as an industry leader in the MENAT region. The bank’s commitment to innovation and client-centric services is evident in its adoption of Citi’s cutting-edge clearing technology. The successful implementation of this service sets a new standard in the banking industry, promising more efficient and transparent payment processes for clients worldwide.
