SWIFT Ledger Powers Record-Breaking Cross-Border Payment

DBS and Citi have successfully settled a US dollar cross-border payment between Singapore and New York using tokenized deposits on SWIFT's shared ledger. The transfer was completed in minutes over a weekend, which is faster than the conventional payment method that takes up to two business days.

The banks used commercial-bank money issued on a blockchain with SWIFT's ledger acting as an orchestration layer that matched and netted the obligations between the two institutions before final settlement ran through existing payment rails.

DBS, Southeast Asia's largest bank, launched DBS Token Services in 2024 and is the only Asian-headquartered bank in the 12-member core design group behind SWIFT's ledger. The bank has also run DBS Treasury Tokens, a permissioned blockchain for corporate treasury and liquidity management.

According to figures cited in the announcement, Asia's outbound cross-border payments are projected to reach $24 trillion by 2033, up from $13.5 trillion in 2025. Half of finance leaders are exploring blockchain-based tools for liquidity and foreign exchange management.