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DBS, Citi Complete First Weekend Tokenized Cross-Border Deposit on Swift
The transfer settled in minutes, highlighting banks’ push to keep deposits inside payment networks and avoid weekend delays that can last two business days.
- On Saturday, Singapore-based DBS and Citigroup completed the first weekend tokenized cross-border payment between Singapore and the U.S. using the Swift Digital Ledger, bypassing traditional banking hours.
- Standard cross-border settlement takes up to two business days due to time zone mismatches and weekend closures, costing 24/7 digital operations money in delayed supplier payments and frozen working capital.
- The transaction between DBS and Citi's New York office settled in minutes, which DBS called a "significant improvement" from the industry norm of two business days for traditional transfers.
- Swift, the world's largest financial messaging network, is piloting tokenized cross-border payments with 17 major banks including HSBC, BNP Paribas, UBS, ANZ, and Standard Chartered as the second confirmed live transaction.
- About 50 per cent of finance leaders are exploring blockchain-powered capabilities as outbound cross-border payment volume in Asia is projected to reach $24 trillion by 2033, pressuring legacy networks to support 24/7 settlement.
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DBS and Citi complete weekend USD payment via Swift’s Digital Ledger using tokenized deposits
The transaction is the second confirmed live use of Swift's blockchain ledger, coming as the network races to prove it can compete with digital payment rails that never close.
·New York, United States
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Cryptocurrency News | Cryptocurrency Prices | Market CapCiti, DBS test instant U.S.-Singapore payments
Citi and DBS completed a weekend tokenized dollar payment between Singapore and New York in minutes using Swift’s blockchain ledger.
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Leaning Left0Leaning Right2Center5Last UpdatedBias Distribution71% Center
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- 71% of the sources are Center
71% Center
C 71%
R 29%
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