Emirates NBD becomes the inaugural bank to implement Citi’s round-the-clock USD clearing service, which ensures continuous availability for corporate and retail clients across its UAE and Kingdom of Saudi Arabia branch networks. This initiative addresses operational challenges arising from varying transaction cut-off times within the UAE thus facilitating smoother payment flows in the region.
Emirates NBD plans to extend this service across all its branches in the Middle East and globally, leveraging partnerships with third-party institutions. The collaboration aims to enhance payment efficiency and transparency for clients, supporting their business operations in key trade corridors.
The 24/7 USD clearing service by Citi is designed to meet the growing demand for instant payment capabilities around the world. It underscores Citi's commitment to offering robust cross-border payments and clearing solutions, enabling faster and more streamlined fund transfers. Emirates NBD will fully leverage Citi’s capabilities for commercial and treasury payments execution under this collaboration, reinforcing its commitment to meeting client payment requirements promptly across international markets.
In June 2024, Citi introduced Citi Real-Time Funding (RTF), a liquidity solution that facilitates 24/7 account funding and streamlines treasury processes. At the time of launch, Citi Real-Time Funding (RTF) was available in Australia, Hong Kong, and the United Kingdom, with plans to expand to additional markets later in 2024. The solution enables the automated movement of funds between cross-border accounts based on pre-defined rules set by the client, helping them ensure that cash is available when and where it’s needed.
In January 2024, Citi and LuminArx Capital launched the Cinergy strategic financing vehicle as a new entry in the private lending market. Following this product launch, LuminArx Capital extended a range of private credit solutions, including those to Citi's global client base. Cinergy's investment scope spans multiple asset classes, incorporating asset-backed credit across commercial, consumer, and residential sectors, along with corporate debt throughout the capital structure.
To support Cinergy, LuminArx and its global institutional partners agreed to commit over USD 2 billion in capital. Simultaneously, Citi's Spread Products franchise provided leverage solutions to enhance Cinergy's investment capacity. Representatives from Citi talked about the private lending market and how it is experiencing transformative growth. They also expressed their belief that Cinergy can enhance the company's ability to meet the capital needs of its clients.
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