DBS and Citi Complete Weekend USD Payment Using Tokenized Deposits

DBS and Citi have completed a cross-border U.S. dollar payment between Singapore and New York during a weekend. The transaction marks a major step toward round-the-clock international banking. 

The two institutions made the payment using tokenized deposits on the Swift Digital Ledger on September 5. Within minutes the transfer happened, against the odds of a traditional settlement that can take two business days.

Faster Cross-Border Liquidity

The innovation may enable multinational firms to control cash across markets without relying on banking hours. Moreover, more rapid settlement would mean fewer delays for businesses running across time zones. E-commerce firms and digital service providers could benefit from quicker supplier payments and improved cash availability.

As a result, the corporate treasury could be more flexible in their liquidity and foreign exchange …

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