Citi DBS Tokenize Weekend Cross-Border Transfer

Citi and DBS have completed their first weekend tokenized cross-border transfer using Swift's blockchain-based ledger.

The transaction, which took place over the weekend between Singapore and the US, was finalized in minutes, according to DBS. This is a significant improvement from traditional cross-border transfers, which can take up to two business days to complete.

The use of tokenized deposits via Swift's Digital Ledger allowed Citi and DBS to bypass the constraints of traditional banking hours. This marks an important step towards increasing efficiency in international financial transactions.