Citi and Emirates NBD, a banking group in the MENAT region, announced a collaboration to launch Citi’s first-of-its-kind 24/7 USD Clearing service in the Middle East. This makes Emirates NBD the first bank to use Citi’s 24/7 USD Clearing service to make cross-border USD payments available to their corporate and retail clients 24 hours a day, 7 days a week, 365 days a year, end to end across their branch network. The service will be available in Emirates NBD’s UAE and Kingdom of Saudi Arabia branch networks, helping to remove barriers to the payment flow process in the region that stem from different weekend and early afternoon cut-off times in the UAE for executing transactions. Emirates NBD, in collaboration with Citi, plans to expand the service to all its branches in the Middle East and across the globe, including partnerships with Emirates NBD’s third-party institutions.
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