Citi And DBS Complete First Swift Weekend Tokenized Payment

Settlement in Minutes, Not Days

Citi and DBS completed what the banks describe as the first weekend tokenized cross-border USD payment between Singapore and the United States. The transaction was executed by DBS and Citi's New York office on September 5 and settled in minutes, compared with up to two business days for traditional cross-border payments.

The transfer moved value using tokenized deposits, which are digital claims that remain on each bank's balance sheet and within the standard deposit, know-your-customer (KYC), and capital rules that already govern commercial bank money. The payment addresses one of the most persistent weaknesses in correspondent banking: money may move electronically, but settlement is still often constrained by bank operating schedules and infrastructure that does not run continuously.

The payment used tokenized deposits over Swift's Digital Ledger, aimed at e-commerce firms, digital-services companies, and corporate treasurers. DBS Group Chief Operating Officer Rachel Chew said the banks were "working with Citi to demonstrate how tokenised money is moving from experimentation to real-world adoption." Citi's head of services for Asia South, Mridula Iyer, added: "Processing a live transaction over a weekend demonstrates that always-on cross-border payments are already a reality."

Part of a Broader Push Toward Tokenized Banking

The DBS-Citi transaction does not stand alone. The payment followed the first live interbank transaction between HSBC and Standard Chartered in August, which also connected independently operated tokenized deposit systems through Swift's shared ledger. Seventeen large banks are preparing to trial tokenized deposits for international money movement, with Citi and DBS joining BNP Paribas, HSBC, ANZ, UBS, and Standard Chartered among the participating institutions.

Citi had already completed live transactions with First Abu Dhabi Bank and Singapore-based OCBC before working with DBS, and the bank said it became the first US bank to conduct live native transactions on Swift's ledger. Citi is also part of a group of major US banks planning a tokenized deposit network through The Clearing House, with a targeted launch in the first half of 2027.

DBS is the only Asian-headquartered institution in the Swift digital ledger core design group of 12 banks shaping its architecture. Tokenized deposits offer banks a way to extend payment availability without pushing customers toward stablecoins or other privately issued digital assets.

Sources:
The Block: DBS, Citi say they completed first weekend USD payment between Singapore and US via tokenized deposits
Finance Feeds: DBS, Citi Move Weekend Payment in Minutes via Swift Ledger
Crypto Times: DBS and Citi Settle Weekend Singapore-New York USD Payment on SWIFT Ledger