Citi launches SEPA Instant Payments in Europe

Citi is launching Single Euro Payments Area (SEPA) Instant Payments in Europe.

The move is the latest step in the bank’s effort to increase its global Instant Payments offering.

Citi said the launch will provide clients with the ability to pay to and receive from 36 countries in the SEPA system instantly.

The offering allows SEPA credit transfers to be made within seconds, 24/7 and funds available to recipients immediately.

Payments can be made to and received from SEPA Instant participating banks located anywhere within the 36 country SEPA zone.

The system will be accessed through Citi’s platforms, CitiConnect® for Files, CitiConnect® API and CitiDirect®, for executing Instant Payments.

Commenting on the move, Elena Gomez, global head of domestic payments, treasury and trade solutions at Citi, said: “We are seeing an increasing number of countries advance their digital capabilities and introduce local instant payment schemes.

“Citi has built a globally consistent solution that provides uniform connectivity to all key domestic instant payment systems. We have taken a single point-of-entry approach, utilizing API connectivity, to enable clients to make payments in multiple markets, and access key real time services such as payment status or balance enquiries, as well as instant notification of incoming credits and outgoing debits.”

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