Citi announces SEPA instant payments launch in Europe

Global bank Citi has launched Single Euro Payments Area (SEPA) instant payments in Europe, enabling clients to pay to and receive from 36 SEPA countries instantly.

The new offering provides clients with a single point of access through Citi’s platforms, CitiConnect for Files, CitiConnect API and CitiDirect, for executing instant payments.

Mark McNulty, EMEA head of payments and receivables, Treasury and Trade Solutions at Citi, said that with the expansion of its instant payments proposition, clients will be able to transact instantly with immediate settlement of funds. 

Citi supports 29 other markets globally for instant payments, in addition to SEPA, meaning that Citi’s instant payments capabilities can now reach over 60 countries.

Elena Gomez, global head of domestic payments, Treasury and Trade Solutions at Citi, added: “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.”

Businesses will be able to use SEPA instant payments to help drive growth and increase efficiency, with use cases including on-demand payments.