Citigroup ‘suffered a glitch’ to its payment’s technology in March 2020, according to sources reported by The Financial Times.

The newspaper’s sources said that the technology issue meant the bank was late to meet a margin call from an unnamed US clearing house run by Intercontinental Exchange.

The glitch was rare but not “unheard of” according to the newspaper’s sources.

This is not the first time a technical malfunction within Citigroup’s payments systems has been reported.

In Summer 2020, a $900 million loan was mistakenly repaid in full to the creditors of cosmetics company Revlo, instead of the intended $8 million interest repayment.

The US Treasury's Office of the Comptroller of the Currency issued a fine to Citigroup worth $400 million in October 2020, citing deficiencies in its risk and control systems, which saw the bank promise to appoint a compliance committee

Payments outages have been plaguing UK financial institutions in recent months.

In June, customers of some of the UK’s largest banks reported experiencing issues transferring funds to different accounts because of an apparent glitch in the Faster Payments system.

Customers that have reported disruption include those banking with Bank of Scotland, Halifax, Santander, NatWest, and Monzo.


FStech has contacted Citigroup for comment.

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