DBS and Citi have completed the first weekend USD payment between Singapore and the United States using tokenized deposits through Swift’s Digital Ledger.
The Sept. 5 transaction between DBS and Citi’s New York office settled in minutes, compared with as long as two business days for conventional cross-border payments.
The system enables institutions to move USD 24/7, bypassing delays caused by weekends, banking hours and time-zone differences. DBS said the technology could be particularly useful for global businesses such as e-commerce and digital service companies.
Citi joined Swift’s tokenized-deposit pilot in July, while DBS has been expanding its blockchain-based banking infrastructure since launching DBS Treasury Tokens in 2024.
The milestone highlights how tokenized bank deposits are moving beyond testing toward real-world use in always-on global payments.
The Sept. 5 transaction between DBS and Citi’s New York office settled in minutes, compared with as long as two business days for conventional cross-border payments.
The system enables institutions to move USD 24/7, bypassing delays caused by weekends, banking hours and time-zone differences. DBS said the technology could be particularly useful for global businesses such as e-commerce and digital service companies.
Citi joined Swift’s tokenized-deposit pilot in July, while DBS has been expanding its blockchain-based banking infrastructure since launching DBS Treasury Tokens in 2024.
The milestone highlights how tokenized bank deposits are moving beyond testing toward real-world use in always-on global payments.