Citi and Arab Bank have partnered to offer Citi’s 24/7 US Dollar (USD) Clearing service to Arab Bank’s corporate clients.

Clients at selected branches will be able to send and receive USD payments at any time of day, on any day of the week.

Arab Bank is based in the Middle East and North Africa region. It will use Citi’s clearing network to process these cross-border payments.

The partnership extends an existing relationship between the two banks.

This already covers USD clearing, liquidity management, and trade and working capital services across several Arab Bank entities and markets.

Arab Bank’s network and subsidiaries include operations in Dubai, Singapore, London, Paris and Manama.

Both banks said the combined network is designed to comply with local and international regulations.

According to the banks, the service will help lenders in the Middle East manage different weekend schedules and maintain continuity with global markets.

“As global trade corridors expand and operations become more digitised, speed, transparency and innovation are increasingly essential for corporates and financial institutions alike,”

said Emre Umut, Middle East & Africa Head of FI Sales at Citi.

“Our collaboration with Citi on their 24/7 USD Clearing service reflects our ongoing commitment to delivering innovative solutions that enhance our client’s banking experience,

and providing seamless access to advanced global payment capabilities that support their evolving business needs across international markets,”

said Maram Al-Jazireh, Global Head of FI & Sustainability at Arab Bank.

Citi’s 24/7 USD Clearing service is live with more than 300 financial institutions in over 50 markets. It also connects to more than 290 clearing systems worldwide.

Featured image: Edited by Fintech News UAE, based on image by Arab Bank via its Press Release.