Citi, DBS complete first weekend tokenized cross-border deposit on Swift

Citi and DBS completed their first tokenized cross-border transfer over the weekend, using Swift’s blockchain-based ledger to circumvent the constraints of traditional banking hours.

Singapore-based financial services group DBS and American financial services giant Citi completed the first weekend tokenized cross-border payment between Singapore and the US on Saturday.

The two companies executed the transaction using tokenized deposits via the Swift Digital Ledger to bypass the constraints of traditional banking hours, DBS announced on Monday.

The deposit was finalized in minutes, which DBS called a “significant improvement” from the industry norm of as long as two business days for traditional cross-border transfers.

Read more