The Financial Times reported that the bank recorded a “near miss”.
The error had eluded a payments employee and a second bank before it was caught by a third employee just 90 minutes after it was posted.
The bank said it posted the payment to the client.
The payment was quickly reversed without any funds ever leaving the bank.
In a statement, Citigroup said there was “no impact to the bank or our client.”
“Despite the fact that a payment of this size could not actually have been executed, our detective controls promptly identified the inputting error between two Citi ledger accounts, and we reversed the entry,” Citigroup said.
