Citi launched Citi Consolidate™, an invoice-processing solution connecting purchase orders, invoice approval, payables and supplier financing. Lloyds Banking Group completed three live tokenised-deposit transactions through Project Agorá, including a cross-currency transaction linking foreign-exchange conversion, payment and settlement.

Elsewhere, TerraPay and HDBank expanded outbound payments from Vietnam, National Bank of Egypt introduced a USD corporate debit card and Wise connected directly to Malaysia’s PayNet network.

Read more on the week’s key developments:

1. Citi launches Citi Consolidate to connect trade workflows and supplier financing

Citi launched Citi Consolidate™ on 28 July, powered by Infor Nexus, a trade digitisation solution that connects invoice processing, approval workflows and supply-chain solutions for corporate clients. Available initially in the US and Canada, with further expansion planned, the solution integrates purchase-order workflows, invoice approval and supplier-financing capabilities, including deep-tier financing and dynamic discounting.

Bringing procurement records, invoice approval and financing into one workflow could allow funding to be linked more closely to purchase orders and approved invoices. This is particularly relevant to deep-tier finance, where limited visibility beyond a buyer’s immediate suppliers can restrict access to funding. Integrating these records could improve Citi’s visibility over financing needs and risks further down the supply chain.

2. Lloyds completes three live tokenised-deposit transactions through Project Agorá

Lloyds Banking Group announced on 30 July that it had completed three live tokenised-deposit transactions through Project Agorá. These included a Swiss franc-to-sterling payment linking foreign-exchange conversion and settlement. Convened by the BIS and Institute of International Finance, the project involves seven central banks and more than 40 financial institutions, including Citi, HSBC, JPMorgan, Santander and Standard Chartered.

The transactions formed part of July testing in which 28 institutions completed 17 scenarios worth about CHF800,000 ($1 million). Agorá combines tokenised commercial-bank deposits and central-bank reserves, allowing the different legs of wholesale cross-border payments to settle together. The prototype recorded an average settlement time of about 80 seconds, supporting its potential to reduce timing and settlement risk.

3. TerraPay and HDBank expand outbound payments from Vietnam to more than 156 markets

TerraPay and Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) announced a partnership on 29 July to enable real-time outbound payments from Vietnam to bank accounts and mobile wallets across more than 156 countries and territories. The service uses HDBank’s existing Swift connectivity and TerraPay’s global payments network to support cross-border transfers for customers sending funds internationally.

The partnership gives HDBank broader outbound reach without requiring separate payment connections in every destination market. Combining Swift connectivity with TerraPay’s delivery network also extends the bank’s reach beyond bank accounts to mobile wallets. The model shows how incumbent banks can retain their existing cross-border infrastructure while using non-bank networks to expand last-mile delivery.

4. National Bank of Egypt and Mastercard launch USD corporate debit card

National Bank of Egypt (NBE), in collaboration with Mastercard, launched a USD-denominated corporate debit card on 27 July for businesses making overseas payments. The card is available through NBE branches to both large corporates and small and medium-sized enterprises (SMEs), enabling payments to overseas suppliers, service providers and digital platforms through Mastercard’s global network.

The card gives Egyptian businesses an additional channel for overseas expenses that may be less cumbersome than individual bank transfers. Extending the product to SMEs as well as large companies broadens access to card-based USD payments for international business expenses.

5. Wise connects directly to Malaysia’s PayNet network for DuitNow QR and ringgit transfers

Wise announced on 30 July that it had connected directly to Payments Network Malaysia (PayNet), Malaysia’s national payments network, enabling customers to access Malaysian ringgit (MYR) transfers and DuitNow QR payments through Wise’s services. The DuitNow QR feature is being rolled out progressively, with nationwide coverage planned over the following weeks. Through Wise Platform, partner banks can also access capabilities including real-time recipient verification.

Malaysia is the ninth market globally and the fifth in Asia Pacific where Wise has gained direct access to a domestic payment system. The connection reduces its reliance on intermediaries for ringgit transfers and DuitNow services, while allowing Wise Platform to combine cross-border execution with recipient verification and domestic payment capabilities for partner institutions.

6. Afreximbank ATDC launches trade and distribution platforms in Zimbabwe and Malawi

The Africa Trade and Distribution Company (ATDC), a subsidiary of the African Export-Import Bank (Afreximbank), announced on 30 July that it had launched national trade and distribution platforms in Zimbabwe and Malawi. The platforms are designed to connect businesses, suppliers and buyers while providing access to trade-enabling services, including trade finance, payments, compliance support, logistics and market intelligence.

The launches extend Afreximbank’s role beyond financing into the infrastructure used to connect buyers and suppliers and support trade execution. Bringing payments, compliance, logistics and financing services together could reduce the fragmentation businesses face when trading across African markets. The platforms also give Afreximbank a more direct role in supporting the transactions and distribution networks underlying intra-African trade.

7. IFC launches first African transactions under first-loss programme

The International Finance Corporation announced on 4 August its first African transactions under the Catalytic First Loss Guarantee programme. IFC committed $24.2 million across partnerships with 4G Capital, Equity Bank Kenya and KCB Bank Kenya to support local-currency lending to microenterprises, women-owned businesses and climate-focused enterprises.

The commitments, including $11 million in IDA-backed first-loss capital, are expected to mobilise a further $120.2 million, bringing total financing to $144.4 million. The structure gives participating lenders greater capacity to serve smaller businesses in Kenya, where the MSME financing gap is estimated at nearly 21% of GDP.

8. ACI Worldwide and dLocal expand access to Latin American payment methods

ACI Worldwide (ACI), a global payments technology company, and dLocal, a payment platform, announced a partnership on 28 July to give businesses using ACI’s payment solutions access to locally preferred payment methods in Latin America. The integration is initially live in Brazil and Mexico, covering methods including Pix, PicPay, Mercado Pago, NuPay, OXXO and SPEI, with Argentina, Chile, Colombia and Peru planned for a later phase.

The integration allows merchants using ACI to add local payment methods through dLocal without building separate connections in every market. This addresses the operational complexity created by differences in domestic infrastructure and payment preferences across Latin America. It also extends ACI’s orchestration offering through dLocal’s local acceptance network.

9. MassPay and Finexio introduce cross-border accounts-payable payments

MassPay, a payout-orchestration platform, and Finexio, an accounts-payable payments solution provider, announced a partnership on 27 July to introduce cross-border accounts-payable payments across more than 180 countries and 80 currencies. The service combines MassPay’s global payout capabilities with Finexio’s accounts-payable automation platform, allowing businesses to initiate international supplier payments through their existing accounts-payable workflows. It is being rolled out with initial partners, with general availability targeted for late summer 2026.

The partnership extends Finexio’s accounts-payable automation into cross-border supplier payments through MassPay’s payout network. Connecting payment execution and status information with the underlying invoice could reduce manual reconciliation when international payments pass through several providers. It also allows businesses to manage domestic and international supplier payments from the same accounts-payable environment.

10. Corpay introduces Agent Card for AI-initiated payments

Corpay, a corporate payments solutions provider, introduced its Agent Card capability on 28 July, enabling artificial-intelligence (AI) agents to generate controlled virtual cards for approved business transactions. The capability supports user-directed and machine-to-machine payment workflows and incorporates authentication, spending-intent authorisation and controls over payment execution.

Corpay is positioning Agent Card as an authorisation layer between AI agents and corporate payment execution. Using existing virtual-card infrastructure could allow organisations to introduce AI-initiated payments while retaining established spending controls and approval parameters. The capability adapts commercial card infrastructure for automated purchasing, procurement, travel and other corporate workflows.

Transaction Finance Weekly covers key developments shaping transaction banking, trade finance and supply chain finance globally.