DBS and Citi complete weekend US dollar payment
Share
- DBS and Citi have completed a cross-border US dollar payment in minutes.
- The transaction used tokenised deposits on Swift’s Digital Ledger.
- The test shows how banks could process payments around the clock.
DBS Group Holdings and Citigroup have completed a cross-border US dollar payment in minutes.
The payment ran between Singapore and New York on September 5, avoiding the usual weekend delay of up to two business days.
“Processing a live transaction over a weekend demonstrates that always-on cross-border payments are already a reality,” said Citi head of services for Asia South Mridula Iyer.
The banks used tokenised deposits on Swift’s Digital Ledger to settle the payment outside normal banking hours.
The transaction was the second confirmed live payment on Swift’s blockchain ledger, which launched in July with 17 banks.
DBS said Asia’s outbound cross-border payments could reach US$24 trillion by 2033, up from US$13.5 trillion in 2025.
The test adds to Swift’s push to offer 24/7 payments as banks face competition from stablecoins and other digital payment networks.
