DBS, Citi Pioneer Cross-Border Payments with Tokenized Deposits on SWIFT

DBS and Citi have successfully completed their first cross-border payment using tokenized deposits on SWIFT. This milestone achievement marks a significant step forward in the adoption of digital payments technology by major financial institutions.

The banks utilized the SWIFT gpi Instant service to facilitate the transfer, which was tokenized using a stablecoin. The process enabled near-instant settlement and reduced the need for intermediaries, resulting in lower costs and increased efficiency.

SWIFT's gpi Instant service allows for real-time cross-border payments, enabling financial institutions to settle transactions within seconds rather than days or weeks. This innovation is expected to transform the way international transactions are processed, making it faster, cheaper, and more secure.