DBS and Citi Tokenize Cross-Border Payment via Swift in Record Time

DBS and Citi have completed a tokenized cross-border payment between Singapore and the United States using Swift's Digital Ledger. The transfer, which was settled within minutes, highlights how blockchain-enabled payment rails can address long delays and limited operating hours associated with conventional cross-border banking workflows.

The transaction, which took place over a weekend, is significant because it shows that tokenized deposits can be used to facilitate payments outside standard banking schedules. DBS emphasized the speed of settlement as a 'significant improvement' compared to traditional cross-border transfers, which often take up to two business days.

This milestone follows earlier Swift-led pilots involving other large banks, including HSBC and Standard Chartered. Citi is also pursuing a separate roadmap for tokenized deposit networks via The Clearing House, with plans discussed for 2027. This coexistence of efforts reflects how large institutions may pursue both interoperability and network effects as they move from prototypes to operational systems.