Citi Payments Perspectives

2 Treasury and Trade Solutions Global Initiatives Financial Stability Board (FSB) Enhancing Cross-Border Payments Roadmap Emerging Payments and Digital Assets Payments Infrastructure Developments ISO 20022 SWIFT Transformation Instant Payments Financial Market Infrastructure (FMI) Interlinkage Initiatives Regional Developments (North America) Immediate Cross-Border Payments (IXB) TCH Request for Pay (RFP) Bill Pay Latest on Fed/CHIPS ISO Timelines Lynx — Canadian High-Value Payment System Glossary Citi Payments Perspectives Global Initiatives Payments Infrastructure Developments Regional Developments (North America) Amit Agarwal and Debopama Sen Global Co-Heads, Payments and Receivables, Treasury and Trade Solutions, Citi These changes will have wide-ranging impacts across messaging standards, operational models, market infrastructure and payments capabilities. The challenges of implementing change on such a scale are significant; however, this change will be necessary to create a payments ecosystem fit for purpose for future business models and evolving end-user expectations. Citi’s position as a bank in 90+ markets with connectivity to over 270 Payments Market Infrastructures, 28 of these being Instant Payments schemes, around the globe and memberships in many industry committees and working groups gives us a unique view into many of the key industry initiatives in flight. In this series, we will share updates and insights on payments transformation work underway across the globe with a specific regional focus each quarter. We encourage all Industry participants and clients to engage in this dialogue with the collective aim of building an environment where we will be able to make payments instantaneously as if there are no borders, no currencies and no constraints. If you are short on time be sure to read over the “In other words” call out box in blue after each section for a quick takeaway. The payments ecosystem is undergoing a major transformation as the industry aims to transition to a more instant, transparent and 24/7 payments experience while also adapting to increasing regulatory requirements and the emergence and incorporation of Digital Assets and new technology.