Citi and DBS Break Weekend Cross-Border Payment Barrier

Singapore-based financial services group DBS and American giant Citi completed a significant milestone in cross-border payments by executing the first weekend tokenized deposit between Singapore and the US.

The transaction, which took place on Saturday, utilized tokenized deposits via Swift's Digital Ledger to bypass traditional banking hours. This allowed the two companies to finalize the deposit in just minutes, a 'significant improvement' from the industry norm of up to two business days for cross-border transfers.

This achievement demonstrates how traditional banks are exploring blockchain rails for more efficient cross-border transactions while keeping deposits within banking channels.