Citi and DBS complete weekend tokenized cross‑border deposit via Swift blockchain

Weekend tokenized transfer completed

Singapore‑based DBS and U.S. bank Citi finished a tokenized cross‑border deposit on Saturday. The payment moved from Singapore to the United States using the Swift Digital Ledger, a blockchain‑based system that works outside normal banking hours.

The deposit was settled in minutes, a significant speed boost compared with the usual two‑day processing time for traditional international transfers.

Key points

• Transaction used tokenized deposits on Swift’s blockchain ledger.
• Completed over the weekend, bypassing regular banking hours.
• Settlement time reduced to minutes instead of up to two business days.
• First such weekend transaction between Singapore and the U.S.

DBS announcement

DBS reported the transaction on its newsroom site, highlighting the use of tokenized deposits to achieve instant 24/7 cross‑border payments. The bank called the result a “significant improvement” over the industry norm.

Swift pilot and earlier tests

Swift announced in July that its blockchain ledger was ready for initial use and that a pilot involving 17 major banks, including Citi and DBS, was being prepared. In August, Standard Chartered and HSBC completed the first live tokenized cross‑border transaction on the same ledger.

What is confirmed

• Citi and DBS executed a tokenized deposit between Singapore and the United States on a Saturday.
• The transaction used the Swift Digital Ledger, a blockchain‑based platform.
• Settlement took minutes, not the typical two‑day period.
• Swift’s pilot program involves 17 banks and is slated for broader use.
• Citi plans to join a separate tokenized deposit network that The Clearing House in the first half of 2027.

Why it matters

Tokenized deposits on a blockchain ledger can keep funds within banking channels while offering faster, 24/7 settlement. This could reduce delays and costs for international money transfers.

What happens next

Swift will continue its pilot with the 17 participating banks, aiming to expand tokenized cross‑border payments. Citi’s upcoming deposit network, managed by The Clearing House, may provide another avenue for instant settlements starting in 2027.

Sources

• Cointelegraph