Citi Taps Khaliq To Lead Treasury And Trade Solutions

Citi Names Khaliq As New Treasury and Trade Solutions Leader

Citi has named Shahmir Khaliq as its new head of Treasury and Trade Solutions (TTS), according to an internal memo from Paco Ybarra, global head of Citi’s Institutional Clients Group (ICG), which noted that the appointment is effective immediately.

During his career at Citi, Khaliq has served in management positions in banking, markets and securities services, country management (CCO) and treasury services. Prior to his appointment as global head of TTS, Khaliq served as head of operations and technology for TTS. Before taking that role, Khaliq had served as global head of Direct Custody & Clearing inside of Markets and Securities Services since 2017.

Khaliq joined Citibank in 1991 in Pakistan as a management associate in the institutional bank before leaving in 1993 for his post-graduate education. He rejoined Citi Pakistan (Banking) in 1995.

Khaliq holds degrees in finance and economics from the London Business School and London School of Economics. He also has a master’s of business administration from the University of Karachi.

“[Khaliq’s] experience gives him a unique ability to understand our clients’ needs and to drive investment in our infrastructure and our network to ensure that we can continue to help them sustain their operations, manage their supply and distribution chains and optimize their working capital and liquidity. He will help improve our core product capabilities and rethink how we interact with clients from a coverage, sales and service perspective to deliver a continuously improving client experience,” Ybarra said in the memo.

TTS, which had been led by Naveed Sultan, offers cash management and trade finance services to multinational firms, public sector organizations and financial institutions throughout the world.

Sultan will head up the firm’s efforts to advise governments and other clients on digitization in a new position as ICG chairman, according to an October internal memo. He will be in charge of developing a new “digital policy, strategy and advisory practice” that will consult with governments aiming to digitize their economies and financial systems, among other tasks.


45% of Non-Recurring Transactions Now Use Instant Payments

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The gig economy and gaming industries have driven a rise in ad hoc transactions, payments made outside of regular invoicing and payroll. Businesses are relying on instant payments to streamline these transactions, which involve contractors, consumers and small businesses.

According to a PYMNTS Intelligence report, “Gigs and Games: How Instant Payments Are Gaining Ground for Ad Hoc Transactions,” a collaboration with Ingo Payments, with increased demand for efficiency and speed, instant payment systems are becoming a preferred solution, though obstacles to wider adoption remain.

Instant Payments Comprise Nearly Half of Ad Hoc Transactions

Instant payments are gaining in popularity for ad hoc transactions, according to the report. With the demand for quicker and more efficient methods of payment, businesses are adopting real-time payment systems to facilitate faster transactions, reduce fraud risk and improve overall financial processes.

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PYMNTS found 45% of all ad hoc payments made in July 2024 were sent via instant methods, a notable increase from 36% earlier in the year. Industries that rely heavily on nonrecurring payments, such as gaming and the gig economy, have seen the most significant uptake.

Larger Enterprises Leading the Shift

Larger companies are leading the adoption of instant payments for ad hoc transactions. Businesses with more than $1 billion in revenue are sending half of their ad hoc payments via instant rails, revealing a preference for speed and efficiency. Smaller companies, however, are lagging in adoption, with those earning between $50 million and $100 million turning to instant methods for just 34% of ad hoc payments. The delay in adoption among smaller enterprises is often linked to the high costs of integrating instant payment systems into their existing processes.

Despite this, the trend toward adopting instant payment methods is gaining momentum across the board. Many large enterprises view instant payments as the future standard for ad hoc transactions, especially in business models that no longer rely on recurring payees, such as contractors or freelance workers. But challenges persist in scaling this technology across industries of all sizes.

Barriers to Broader Instant Payment Adoption

While instant payments offer considerable benefits, particularly in terms of speed, cost savings, and enhanced customer/vendor retention, the report shows businesses face obstacles in fully adopting them. For many enterprises, the cost of integrating real-time payment systems remains the primary barrier. According to the report, 35% of businesses cite integration costs as the biggest obstacle to adopting instant payments for ad hoc transactions.

Additionally, there is a digital divide, with industries like gaming and the gig economy leading the charge in adopting instant payment systems. But two-thirds of small and medium-sized businesses (SMBs), particularly those in industries with less digital momentum, are dealing with the costs and complexities of implementing these systems. Despite these challenges, businesses that do embrace instant payments could gain a competitive edge by securing customer and vendor loyalty, driving down transaction costs, and improving cash flow management.