UAE- Mubasher: Emirates NBD has partnered with Citi to introduce a new USD cross-border clearing service in the Middle East.

Emirates NBD will be the first bank to utilise Citi’s 24/7 USD Clearing service, offering round-the-clock cross-border payments across their branch network, according to a press release.

This move aims to enhance efficiency by eliminating transaction time barriers. The service will soon encompass commercial payments in Emirates NBD branches in the UAE and Saudi Arabia, streamlining payment processes.

Collaborating with Citi, Emirates NBD plans to extend this service globally and to third-party institutions.

Citi’s 24/7 USD Clearing technology empowers Emirates NBD to provide continuous USD services between branches, enabling global payments, even on US holidays. Over 130 financial institution clients have adopted Citi's 24/7 USD Clearing service since 2022.

Shahmir Khaliq, Head of Services at Citi, said: “Our 24/7 USD Clearing service is a clear differentiator in the market. It demonstrates the full value of our globally leading cross border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, stated: “The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays.”

It is worth noting that Emirates NBD reported an annual hike in net profit to AED 6.71 billion during the first quarter (Q1) of 2024, versus AED 6.02 billion.