NEW YORK—Citi said it is streamlining the cross-border payments process for institutional clients by releasing a single electronic platform for payment instructions and the associated documents that accompany them.
The service, which is being rolled out initially in South Africa, has the potential to cut days off execution timelines for overseas transfers, FinExtra reported.
"We’re investing heavily in digital technologies and platforms to simplify, integrate and automate our clients’ payment and FX-related activities, end-to-end,” said Shahmir Khaliq, global head of treasury and trade solutions at Citi. “Our ultimate objective is to create frictionless payments that can be delivered electronically and uniformly, 24/7, to any country, via any channel and in any currency. This new service brings us a step closer to that goal.”