Citi and Arab Bank have announced a strategic collaboration to introduce round-the-clock US dollar payment capabilities for Arab Bank's corporate clients, strengthening access to cross-border financial services across the Middle East and international markets.
Under the agreement, Arab Bank will integrate Citi's 24/7 USD Clearing solution to facilitate incoming and outgoing dollar payments for corporate customers through selected branches. The service aims to reduce delays associated with traditional banking hours and different weekend schedules across international markets.
The collaboration builds on an established relationship between the two financial institutions, covering dollar clearing, liquidity management, trade finance and working capital solutions.
Citi's 24/7 USD Clearing service is already operational with more than 300 financial institutions across over 50 markets and is connected to more than 290 major clearing systems worldwide.
By combining Citi's global payments infrastructure with Arab Bank's regional presence, including operations in Dubai, Singapore, London, Paris and Manama, the partnership aims to improve transaction efficiency and provide greater flexibility for businesses managing international payments.
Maram Al-Jazireh, Global Head of Financial Institutions and Sustainability at Arab Bank, highlighted the importance of delivering advanced payment capabilities that support clients' evolving international business requirements.
The collaboration reflects increasing demand among corporate customers for continuous access to payment services as financial institutions expand their real-time and cross-border transaction capabilities
