Citi Launches Multi-Market Instant Payments on Swift Scheme

In Short

• Citi is live on multiple markets on the Swift payments scheme.
• Bank clients can send instant cross-border payments in AUD, GBP, INR, and USD.
• The setup aims to reduce the need for separate local bank accounts and custom integrations.

What Happened

Citi said it has become the first bank to go live with multi-market instant payments on the Swift payments scheme. The rollout uses Citi WorldLink Payment Services and Citi’s Global Clearing network.

Instant payments here means transfers that settle in near real time, instead of taking hours or days. The Swift payments scheme is a framework that lets banks use their existing Swift connection to reach domestic real-time payment systems in other countries.

Citi says participating bank clients can access instant payment rails in several markets through a single account structure. That includes AUD payments via Australia’s NPP, GBP via the UK’s Faster Payment System, and INR via India’s IMPS. Citi also said it has expanded USD clearing so clients can transfer funds to Citi U.S. beneficiaries faster.

A key claim is that this approach removes the need for banks to open separate local accounts, sign bilateral agreements with multiple partner banks, or build local technical infrastructure. Citi said the service is available to the more than 12,500 financial institutions connected to Swift, and that more currencies and markets are planned.

Why It Matters

For African banks, fintechs, and payment providers that rely on correspondent banking, cross-border transfers can be slow, expensive, and hard to track. A multi-market instant payments model could reduce operational work, especially the effort of integrating separately into each country’s clearing system.

If more corridors go live on Swift’s retail payments framework, it could also improve payment certainty. That means clearer fees, more predictable delivery times, and better end-to-end visibility for businesses moving money across borders.