Key Takeaways
According to BlockchainReporter, DBS and Citi completed the first weekend cross-border USD payment between Singapore and the US using tokenised deposits on Swift Ledger.
According to BlockchainReporter, DBS and Citi have successfully completed the first weekend cross-border USD payment between Singapore and the United States. Reported in a joint announcement on September 7, the transaction was executed on September 5 between DBS and Citi's New York office, settling in minutes through tokenised deposits on the Swift Digital Ledger instead of the standard two business days.
Rachel Chew, DBS' group chief operating officer and co-head of digital assets for global transaction services, stated that the capability allows businesses to move money quickly and efficiently. The transaction bypassed the closures of traditional correspondent banking rails over the weekend. The settlement builds upon previous live transactions completed by Citi on the network.
Mridula Iyer, Citi's head of services for Asia South, noted that the live weekend processing demonstrates always-on cross-border payments as a reality. DBS launched DBS Token Services in 2024 and participates in the Swift digital ledger core design group alongside rivals including HSBC and Standard Chartered.
Source & Fact-Check Note
This report is synthesized from coverage by BlockchainReporter. Information has been fact-checked and structured for market clarity by CoinQuickly’s research desk.
Read original article at BlockchainReporter ↗
