By Rafiq Vayani
DUBAI: Citi (NYSE:C) and Arab Bank, a leading financial institution in the Middle East and North Africa region, announced a collaboration to <a href="https://middleeastdaily.net/etisalat-becomes-the-first-operator-globally-to-bring-faster-upload-speeds-to-smartphones/”>bring Citi’s 24/7 U.S. Dollar (USD) Clearing solution to Arab Bank’s corporate clients to support both incoming and outgoing USD payment flows.
Through this collaboration, Arab Bank will leverage Citi’s 24/7 USD Clearing capabilities to facilitate seamless, fast and secure cross-border USD payments for its corporate clients within selected Arab Bank branches.
The initiative builds on a broader relationship spanning USD Clearing solutions, Liquidity Management Services and Trade and Working Capital Solutions across multiple Arab Bank entities and geographies, reflecting Citi Services’ ability to deliver a connected suite of solutions through one global network. Combining Citi’s global network with Arab Bank’s extensive regional network and subsidiaries, located in key financial hubs including Dubai, Singapore, London, Paris, and Manama, provides clients with access to the world’s most expansive and accessible 24/7 USD payments network, ensuring compliance with local and international regulations in order to provide a secure and seamless banking experience for corporate customers.
For Citi, this is the latest example of the firm’s commitment to providing global, instant, real-time and always-on payments and settlement solutions to its clients, while supporting the seamless movement of money, liquidity and securities across borders. For Arab Bank, leveraging the strength of Citi’s global clearing solution represents an important step in providing advanced and innovative payment solutions. This initiative further showcases both institutions’ dedication to redefining the standard for cross-border payments for financial institutions.
Emre Umut, Middle East & Africa Head of FI Sales, Citi, said: “As global trade corridors expand and operations become more digitized, speed, transparency and innovation are increasingly essential for corporates and financial institutions alike. Combining the scale of our industry-leading 24/7 USD Clearing solution with the deep-rooted local expertise of Arab Bank’s network underscores our commitment to providing a better client experience and delivering borderless, always-on, and real-time solutions for global commerce.”
Maram Al-Jazireh, Global Head of FI & Sustainability at Arab Bank, said: Customer centricity and longstanding relationships remain at the core of our initiatives as a bank. Our collaboration with Citi on their 24/7 USD Clearing service reflects our ongoing commitment to delivering innovative solutions that enhance our client’s banking experience, and providing seamless access to advanced global payment capabilities that support their evolving business needs across international markets.
Citi’s 24/7 USD Clearing is live with over 300 financial institutions across 50+ markets and connected to over 290 major clearing systems around the world. This collaboration is an important next step for Middle Eastern banks’ as they prioritize operating efficiently across different weekend schedules, helping ensure greater continuity and connectivity with global markets.