Citi has launched Single Euro Payments Area (SEPA) Instant Payments in Europe to bolster its payment offering portfolio.

The new offering will allow clients to pay and receive from banks that support SEPA Instant located anywhere within the 36 country SEPA zone.

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It is said to enable SEPA Credit Transfers within ‘seconds’, 24/7, allowing recipients to access funds ‘immediately’. 

Through the new offering, clients can access Citi’s platforms, CitiConnect for Files, CitiConnect API and CitiDirect, for payment execution. 

The standardised connectivity platforms are expected to provide a scalable solution that can support global expansion. 

Citi Treasury and Trade Solutions EMEA head of payments and receivables Mark McNulty said: “With our latest launch of SEPA Instant Payments in Europe, we have further expanded our market-leading Instant Payments proposition for payments to and from the SEPA zone. 

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“This capability can support new business models and ensure our clients can operate effectively in an increasingly real-time 24/7 digital economy. An exciting development and yet another milestone for our payments business.”

Citi noted instant payment has become more relevant due to the rise in the e-commerce business and direct-to-consumer business models. Clients will be able to use Citi’s new offering for a wide range of cases. 

Citi Treasury and Trade Solutions global head of domestic payments Elena Gomez said: “We are seeing an increasing number of countries advance their digital capabilities and introduce local instant payment schemes. 

“Citi has built a globally consistent solution that provides uniform connectivity to all key domestic instant payment systems.”

Last month, the US banking major revealed that it has set aside $1.9bn in reserves to offset losses from Russian exposure.