Blockchain Breakthrough: Citi and DBS Settle Cross-Border Payment in Minutes
Citi and DBS Bank have successfully tested a new blockchain technology that enables 24/7 settlement of cross-border payments. The Swift Digital Ledger, developed by the global financial messaging network Swift, allows for faster and more efficient transfer of funds between banks. This weekend, while traditional finance rails were closed, Citi and DBS made a USD payment using tokenized deposits on the Swift blockchain.
The transaction was settled in just minutes, compared to the typical two-day settlement period for traditional finance. Rachel Chew, Group Chief Operating Officer and Co-Head of Digital Assets at DBS, said: 'In a global digital economy that never sleeps, businesses need to move money more quickly and efficiently across borders to stay competitive.'
The Swift Digital Ledger is being used by 17 banks from six continents in its pilot program. The goal is to enable faster, flexible money movement across the world and pave the way for innovative technologies like programmable money and agentic commerce.