This initiative is an extension of a broader collaboration that includes US Dollar clearing solutions, liquidity management services, and trade and working capital solutions across many markets where Arab Bank operates, reflecting the ability of Citi’s services to provide a comprehensive and interconnected set of solutions through a single global network. The connection between Citi’s global network and the extensive regional network of Arab Bank and its subsidiaries—located in key financial hubs including Dubai, Singapore, London, Paris, and Manama—enables access to one of the most extensive and user-friendly 24/7 US Dollar payment networks, while maintaining constant compliance with local and international regulations to provide a secure and seamless banking experience for corporate clients.
For Citi, this collaboration represents a clear example of the institution’s commitment to providing seamless, 24/7, real-time global payment and settlement solutions to its clients worldwide, 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 marks an important step in providing advanced and innovative payment solutions to its clients. This initiative also reflects the commitment of both institutions to redefining 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 increasingly digitized, speed, transparency, and innovation have become more critical for both corporations and financial institutions. Combining the scale and capabilities of Citi’s industry-leading US Dollar clearing solutions with the deep regional expertise of the Arab Bank network underscores our commitment to providing a better customer experience and delivering 24/7 cross-border solutions to support global trade."
Maram Al-Jazira, Head of Financial Institutions and Sustainability at Arab Bank, said: "Focusing on customer priority and building long-term relationships is a fundamental pillar of Arab Bank’s initiatives. Our collaboration with Citi on the 24/7 US Dollar payment settlement service reflects our ongoing commitment to providing innovative solutions that enhance our clients' banking experience and grant them seamless access to advanced global payment capabilities, meeting their evolving business needs in international markets."
Citi’s 24/7 US Dollar clearing service works with over 300 financial institutions in more than 50 markets and is connected to over 290 major clearing systems around the world. This collaboration represents an important step for banks in the Middle East as they seek to enhance the efficiency of their operations and navigate the differences in weekend holidays between markets, contributing to greater continuity and connectivity with global markets.
