Citi has introduced a new service called Citi Payment Insights that will offer real-time payments visibility to institutional clients.

The service also enables users to action payments on-demand through the bank’s electronic banking platform CitiDirect BE and offers a complete view of the transaction lifecycle within Citi’s network.

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Launched in 50 markets, the service will provide details about processing status and timelines, charges deducted across correspondent banks and the amount credited to the beneficiary.

Citi treasury and trade solutions global head Naveed Sultan said: “This new service highlights our dedication to provide a frictionless experience to our clients in a rapidly changing business environment.

“We are constantly searching for innovative solutions to help our clients succeed in the digital economy.”

Citi Payment Insights is expected to increase traceability in institutional payments by utilising latest technologies including SWIFT gpi and cloud computing.

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The service facilitates payments tracking, provides information on incoming payments before the credit is posted and enables clients to offer debit authority online.

Furthermore, it offers on-demand proof of payment and enables the beneficiary to return payments that are not recognised.

Citi tested the new technology with Royal Dutch Shell. The pilot was said to be successfully completed.

Citi treasury and trade solutions payments and receivables global head Manish Kohli said: “Citi Payment Insights is a significant step forward in executing on this strategy. This service will deliver tangible value to all our client segments and the new technology platform sets the foundation for future innovations.”