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Citi To Launch 24/7 USD Clearing In Q4

Banking major Citigroup Inc. (C) announced Monday Citi Treasury and Trade Solutions or TTS' intention to launch "24/7 Clearing" as a service to its financial institution clients, beginning with 24/7 USD Clearing in fourth quarter.

The new service would enable Citi's clients to make USD payments across the bank's 1,500 financial institution customers globally 24 hours a day, 7 days a week, including holidays.

The company noted that the 24/7 USD Clearing service will help support clients' payment innovation agenda through a number of business-critical use cases. These include enhancing client experience in markets operating outside of the US working days, meeting collateral requirements on weekends or holidays, processing late-hour payments, supporting interbranch funding and empowering client's own retail and commercial customers with the ability to process payments around the clock.

Apart from financial institution clients, Citi also plans to include other client segments for the 24/7 Clearing, without implementation or need to adopt new technology or proprietary channels.

The launch is expected to enable Citi's clients to stay competitive and nimble in the wake of changing expectations by extending the benefits of its network and payment capabilities with no time constraints.

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