Citi and Emirates NBD Partner for 24/7 USD Payments

Emirates NBD, a leading banking group in the Middle East, North Africa, and Turkey (MENAT) region, is set to revolutionize cross-border transactions by partnering with global financial giant Citi. The collaboration will see Emirates NBD become the first bank in the region to offer its clients uninterrupted, 24/7 cross-border payments in US dollars.

This innovative service, powered by Citi's robust 24/7 USD Clearing technology, will be initially available across Emirates NBD's branch networks in the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia. It signifies a significant step towards removing barriers to smooth international fund transfers, particularly for businesses and individuals frequently conducting transactions across different time zones.

Previously, varying weekend schedules and early transaction cut-off times in the UAE presented challenges for seamless cross-border payments. With the new service, these limitations become a thing of the past. Clients can now initiate and receive USD transfers anytime, irrespective of weekends or public holidays in the recipient's country. This enhanced flexibility is expected to significantly boost regional trade and business activities.

Citi's 24/7 USD Clearing service, operational since 2022, boasts an extensive network of over 1, 500 financial institutions globally. By leveraging this network, Emirates NBD can ensure swift and secure processing of USD transactions, even when the recipient's bank is located in a country with different holidays or operating hours. This not only streamlines the payment process but also minimizes potential delays and associated costs.

The partnership between Citi and Emirates NBD reflects a growing global trend towards faster, more efficient international payment solutions. As the demand for instant and always-on financial services continues to rise, this collaboration serves as a prime example of how leading financial institutions are working together to bridge geographical and temporal gaps in cross-border transactions.

The ramifications extend beyond just facilitating business activities. The ability to send and receive USD payments 24/7 will significantly benefit individuals as well. From students studying abroad to families supporting loved ones overseas, the new service empowers individuals with greater control and flexibility when managing their finances internationally.

Looking ahead, Emirates NBD plans to expand the service across its entire branch network in the Middle East and beyond. This strategic move, coupled with potential partnerships with other third-party institutions, positions Emirates NBD as a frontrunner in offering unparalleled convenience and efficiency for cross-border USD payments within the MENAT region and globally.

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