Citi launches instant cross-border payments on Swift

Citi has launched multi-market instant payments on the Swift payments scheme, becoming the first lender to go live in multiple markets on the system.

The service allows participating bank clients to access cross-border instant payments in AUD, GBP, INR and USD through a single account structure. Clients can use their existing Swift connection and do not need separate local banking relationships, bilateral agreements or local technical infrastructure.

The launch adds to a broader push by banks and payments groups to improve the speed and predictability of cross-border transfers. Instant payments have been common in many domestic markets for years, but linking those systems across borders has been more complex because banks often needed local accounts, direct ties with market-specific partners and custom links to clearing systems.

Citi is delivering the service through its WorldLink Payment Services and Global Clearing network. The arrangement gives participating institutions access to several domestic real-time payment networks without opening local bank accounts in each market.

For Australian dollar payments, the service connects to the New Payments Platform. In sterling, it uses the Faster Payment System, while Indian rupee transactions run through the Immediate Payment Service. Citi has also expanded its US dollar clearing participation so clients can send dollar payments directly to Citi beneficiaries in the United States in real time.

The service is available to participating clients among the 12,500 financial institutions connected to Swift. Citi plans to extend the model to more currencies and markets.

Real-time push

The launch is part of Citi Services' wider effort to offer round-the-clock cross-border money movement. Citi linked the announcement to other real-time initiatives, including ledger work with Swift, its Custody+ offering, 24/7 USD Clearing and Citi Token Services.

WorldLink is Citi's main platform for account-to-account payments. The bank said clients using the service can connect through a single relationship to nine instant payment schemes and near real-time wires in 20 currencies and 54 markets. It also supports payments in 135 currencies and foreign exchange across more than 4,500 currency pairs, alongside transfers to wallets and cards.

That breadth matters for financial institutions trying to simplify international payment operations. Many banks have faced the cost of maintaining multiple local arrangements to reach domestic instant payment systems in different countries, especially as corporate customers increasingly expect transfers to settle faster and at all hours.

"The future of banking is real-time, always-on, and increasingly interconnected. Through our continued collaboration with Swift, we're helping banks connect to instant payment capabilities across multiple markets through a seamless and scalable model. Combined with Citi's global network, this initiative enhances speed, transparency, and reach while helping clients meet evolving expectations for how money moves. We're proud to continue working with Swift to help advance the future of global payments," said Debopama Sen, Head of Payments, Services, Citi.

Swift said the development reflects a broader industry effort to improve international retail and institutional payments through shared standards and network links. The scheme is intended to give financial institutions greater clarity over the cost and timing of transfers while improving end-to-end tracking.

Leigh Amaro, Chief Executive, Americas at Swift, commented on the market's broader direction.

"Industry collaboration is essential to delivering the faster, more transparent and more predictable cross-border payments experience consumers have come to expect. As usage of Swift's retail payments framework grows and more corridors become active, greater certainty over cost and delivery time, full-value transfers and end-to-end visibility into international payments will become a reality for more people and businesses around the world," said Amaro.