DBS and Citi said Monday they completed the first weekend USD payment between Singapore and the U.S. using tokenized deposits via Swift’s Digital Ledger.
The transaction was completed by DBS and Citi’s New York office on Sept. 5 and took minutes, compared with up to two business days for traditional cross-border payments, DBS said in a statement.
According to the statement, the transaction removes the weekend and time-zone delays that can slow USD payments, allowing institutions to move money outside traditional banking hours. The capability is aimed at companies operating across jurisdictions, including those in e-commerce and digital services.
"We are pleased to be working with Citi to demonstrate how tokenized money is moving from experimentation to real-world adoption – laying the foundations for a more connected, nimble and always-on global financial system," Rachel Chew, Group Chief Operating Officer at DBS, said.
Citi joined a Swift pilot for 24/7 cross-border payments using tokenized deposits in July and has said its tokenized deposit capabilities can support near-instantaneous movement across select markets.
