Citi cooperates with the Arab Bank to provide a clearing service in US dollars around the clock through its global network

Amman -: Ofoq News - Citi (listed on the New York Stock Exchange under the symbol C) announced; Arab Bank, the leading financial institution in the Middle East and North Africa region, announced joint cooperation to provide a round-the-clock US dollar clearing solution service from Citi to Arab Bank’s corporate sector customers, thus supporting the flow of incoming and outgoing payments in US dollars.

Under this cooperation, the Arab Bank will employ the US dollar clearing solutions service provided by Citi around the clock, to facilitate cross-border payments in US dollars to its corporate clients during the working hours of the remittance system smoothly, quickly and securely, through selected branches of the Arab Bank.

This initiative comes as an extension of a broader cooperation that includes US dollar clearing solutions, liquidity management services, and trade and working capital solutions across many of the markets in which the Arab Bank is present, which reflects the ability of Citi Services to provide an integrated and interconnected set of solutions through one global network. The link between Citi's global network and the extended regional network of the Arab Bank and its subsidiaries, which are located in major financial centers including Dubai, Singapore, London, Paris, and Manama, provides access to the most extensive and easy-to-use US dollar payment networks around the clock, while always ensuring compliance with local and international regulations, with the aim of providing a safe and smooth banking experience to its clients from the corporate sector.

This cooperation for Citi represents a clear example of the institution’s commitment to providing seamless, instant, global payment and settlement solutions available around the clock to its customers around the world, while supporting the movement of funds, liquidity and securities across borders. For its part, Arab Bank will benefit from the strength of Citi's global clearing solutions, which constitute an important step in providing advanced and innovative payment solutions to its customers. This initiative also reflects the commitment of the two institutions to redefine the standards of cross-border payments.

Emre Umut, Head of Financial Institutions Sales for the Middle East and Africa at Citi, said: “As global trade corridors expand and operations become more digitized, speed, transparency and innovation are becoming more important factors for companies and financial institutions alike. The combination of the scale and capabilities of Citi’s industry-leading US dollar clearing solutions, and the established regional expertise of the Arab Bank network, underscores our commitment to providing a better experience for approvers and providing cross-border solutions, available around the clock, to support global trade.”

For her part, Maram Al-Jazeera, Director of the Financial Institutions and Sustainability Department at Arab Bank, said: “Focusing on the priority of customers and building long-term relationships is a fundamental pillar of Arab Bank’s initiatives, and our cooperation with Citi in the round-the-clock payment settlement service in US dollars reflects our continued commitment to providing innovative solutions that enhance the banking experience of our customers, and allow them seamless access to advanced capabilities for global payments, in a way that meets their evolving business needs in international markets.”

Citi's USD clearing service works around the clock with more than 300 financial institutions in more than 50 markets, and is connected to more than 290 major clearing systems around the world. This cooperation represents an important step for banks in the Middle East region as they seek to enhance the efficiency of their operations and deal with the differences in weekends between markets, which contributes to ensuring a greater degree of continuity and interconnection with global markets.

About City

Citi is a premier banking partner for institutions requiring cross-border financial services, a global leader in wealth management, and provides premium retail banking services in its primary market of the United States. Citi operates in more than 180 countries and regions around the world, providing a wide range of financial products and services to companies, governments, investors, institutions and individuals.