Singapore-to-US Weekend Dollar Transaction Breakthrough
Citi and DBS have made history by executing the first Singapore-to-U.S. dollar payment on a weekend, marking a significant milestone in cross-border transactions.
The transaction was completed using tokenized deposits via the Swift Digital Ledger on September 5th, taking mere minutes to process, a stark contrast to the industry norm of up to two business days for such payments.
This achievement is particularly notable as it enables companies operating in round-the-clock borderless industries like e-commerce and digital services to execute cross-border transactions outside of regular banking hours, providing greater certainty and faster access to cash for suppliers and customers.
Citi's head of services for Asia South, Mridula Iyer, highlighted the significance of this development, stating that 'always-on cross-border payments are already a reality.'