Citi and DBS Settle Live Dollar Payment on Swift's Blockchain in Minutes

Citi and DBS have successfully settled a live US dollar payment between their offices in Singapore and New York, marking a major milestone for Swift's blockchain-based Digital Ledger. The payment was made over a weekend, settling in minutes instead of the usual two business days.

This achievement is significant because it demonstrates the capability to process cross-border payments instantly, regardless of the day or time. According to Thierry Chilosi, Swift's chief business officer, this new ledger capability extends the trust and stability of established finance into the frontiers of digital money.

The Digital Ledger was launched in July 2026 with 17 founding banks spanning six continents, including HSBC, UBS, Standard Chartered, BNY, Wells Fargo, MUFG, OCBC, and UOB. The first live transaction on the network was completed by HSBC and Standard Chartered in August.

This development is part of a larger effort to close gaps in correspondent networks, where delays and failed payments often occur due to business hours and time zones. Swift's pilot will run through December, testing whether tokenized deposits can resolve these issues without handing control of institutional money to public blockchains or stablecoin issuers.