Banks Speed Up Cross-Border Payments with Tokenized Blockchain Solution

DBS and Citi have completed the first tokenized cross-border payment between Singapore and the United States over a blockchain-based settlement rail. The transaction was executed on Saturday using tokenized deposits via the Swift Digital Ledger, with DBS saying the deposit was finalized in minutes.

This is an improvement over traditional cross-border transfers that can take up to two business days. The experiment highlights how major banks are testing blockchain rails while still operating within banking deposit structures.

Swift's blockchain ledger work is moving from pilots toward broader operational use, following earlier live demonstrations. DBS described the weekend transfer as a landmark milestone for cross-border payments, not only because it used the Swift Digital Ledger but also because it relied on tokenized deposits rather than switching to a fully crypto-native model.