What is Citibank’s settlement process?
Here's how their settlement works:
Citibank delivers comprehensive banking and cash settlement services to support both everyday financial activities and high-value institutional transactions. For regular payments, Citibank facilitates ACH (Automated Clearing House) transfers, which are commonly used for payroll, bill payments, and vendor transactions. Standard ACH payments settle within 1–3 business days, while same-day ACH is available for eligible transactions, improving liquidity and payment precision. For time-sensitive and high-value transactions, wire transfers are available. Domestic wires typically settle on the same business day if processed before the bank’s cut-off time.
Here is a summary table:
Aspect | Details |
|---|---|
| Timeline | ACH: Typically settles within 1–3 business days; same-day ACH is available for eligible transactions. Card/Merchant Transactions: Typically settled within 1–2 business days. Wire Transfers & International: Not explicitly mentioned in the text but generally same-day (domestic) and 1–3 days (international) based on standard industry practice. |
| Crossborder Fees | 1.5% to 3.525% of the transaction amount |
| Reconciliation Process | Account Reconciliation Plan (ARP) with CitiDirect reports; options for full, partial, or deposit reconciliation |
| Security Measures | User authentication with passwords/digital certificates; secure communications; data integrity controls |
How do I qualify for same-day ACH transfers with Citibank?
To qualify for same-day ACH with Citibank, businesses must submit eligible transactions before the bank’s designated cut-off time and may need to enrol in ACH or treasury services. Availability can depend on account type and transaction value.
What is Citibank's cut-off times for domestic and international wire transfers to guarantee same-day settlement?
To ensure same-day settlement with Citibank, domestic wire transfers must be submitted by 6 PM ET, while international wires typically need to be initiated by 4:30 PM ET. SWIFT transactions or wires involving currency exchange may require earlier cut-offs, so it’s best to confirm with your relationship manager.
How quickly are card payments settled through Citibank?
Citibank typically settles card payments within 1 to 2 business days after transaction approval or batch submission. Settlement times may vary based on merchant service agreements and transaction volume.
Does Citibank integrate with common accounting or ERP software to streamline reconciliation?
Citibank offers robust ERP integrations via its CitiDirect platform, supporting major systems like SAP and Oracle for seamless reconciliation and financial automation.
How Receiptor Helps Accountants with Settlement Needs
Managing settlements—whether it's reconciling ACH payments, wire transfers, or card transactions with Citibank—can get messy fast. Receiptor simplifies the process with automation, visibility, and smart syncing.
1. Centralize Receipts and Payment Proofs Instantly
Receiptor captures and stores all your receipts, invoices, and disbursement documents in one secure dashboard. No more digging through emails or folders when clients ask for proof of settlement.
- Automatically extracts and tags key details like amount, date, and payee
- Supports multi-format uploads (PDFs, emails, scans, etc.)
- Uses AI to detect transaction types (ACH, wire, card)
2. Match Transactions Automatically
Receiptor’s AI matches receipts with bank feeds or settlement records to help accountants stay audit-ready without lifting a finger.
- Automatically reconciles payments to invoices
- Flags mismatches or duplicates for manual review
- Supports bulk imports from ERP/accounting systems
3. Export Audit-Ready Reports in Clicks
Whether it’s month-end or tax season, Receiptor makes it easy to compile clean, audit-ready files that reflect actual settlements.
- Download reconciled reports by payment type, client, or date
- Export to CSV, Excel, or directly to your accounting software
- Ensure compliance with local and international recordkeeping requirements
4. Integrate with Your Accounting Stack
Receiptor works with your existing tools, making settlement reconciliation seamless.
- Integrates with Xero, QuickBooks, SAP, and more
- API-ready for custom workflows
- Syncs with bank feeds and card processing platforms
5. Track Settlement Timelines & Exceptions
Need to know if that wire hit the account or why your Citibank card payment hasn’t cleared? Receiptor helps you monitor and troubleshoot fast.
- Real-time status tagging (e.g. “Pending”, “Cleared”, “Exception”)
- Comment and note history for each transaction
- Transparent logs for client or auditor access
For more information about Citibank's settlement process, you can visit this link.
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