Citigroup’s Treasury and Trade Solutions business is looking to hire someone to lead its global instant payments strategy amid the bank’s restructuring and efficiency efforts. 

The $2.2 trillion bank’s ideal candidate must have experience in the payments industry, be well versed in industry trends and capable of strategic thinking, a Citi spokesperson told Bank Automation News. 

“The global head of instant payments will be accountable for the financial success of the instant payment solution,” the spokesperson said. “It includes managing product development and creating the road map, strategy, commercialization and revenue growth, compliance and risk mitigations.” 

The open position was formerly held by Elena Gomez, who is now the bank’s EMEA head of domestic payments and receivables.  

“Under her leadership, we provided a globally consistent and competitive instant payment solution to support our clients’ cash management needs,” the spokesperson said of Gomez. “Now our instant payments are live in 36 schemes reaching 60+ countries. We expect that the new head will grow the instant payments capability both in reach and functionality.” 

Qualified applicants must have a digital mindset, transaction banking and payments business experience, as well as people management and problem-solving skills, according to the bank’s job posting, which has been online since Sept. 22. 

Compensation for the position is between $200,000 and $300,000.  

Other responsibilities include: 

• Building and connecting new products and capabilities; 
• Identifying instant payments use cases; 
• Managing the tech budget; and 
• Build relationships with innovators in the industry. 

Citi’s payments innovation

In Q2 2023, the bank’s Treasury and Trade Solutions business unit brought in $3.1 billion in revenue, up 15% year over year as cross-border transaction value increased 11% YoY to $88 billion, according to the bank’s earnings presentation. 

The increase in revenue was coupled with payments innovation, including the May launch of Citi’s digital-only credit card, investment in cross-border payments, and the integration of Venmo into its global payment platform Worldlink in August. 

Restructuring plans

The bank’s search for a new payments leader coincides with its Wednesday employee memo detailing that the bank will be undergoing layoffs as part of its restructuring efforts, announced by Chief Executive Jane Fraser in September.  

The bank had 240,000 employees in Q2. The number of expected layoffs or affected businesses were not disclosed. 

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