DBS, Citi Complete Weekend Tokenized Cross-Border Payment

Singapore-based DBS and American financial services giant Citi have completed the first weekend tokenized cross-border payment between Singapore and the US. The transaction was finalized in minutes, a 'significant improvement' over the traditional two business days required for similar transfers.

The companies used Swift's Digital Ledger to execute the tokenized deposit, bypassing the constraints of traditional banking hours. This milestone demonstrates how banks are exploring blockchain rails for more efficient cross-border transactions while keeping deposits within banking channels.

This development follows a pilot program launched in July by Swift with 17 major banks, including Citi and DBS, to test tokenized cross-border payments on its blockchain-based ledger. Standard Chartered and HSBC were the first to complete such a transaction on Swift's blockchain ledger in August.