Weekend cross-border USD payment completed in minutes: DBS and Citi execute tokenized deposit transaction via Swift digital ledger

Odaily News – DBS and Citi's New York office completed a USD cross-border payment between Singapore and the United States on September 5, using tokenized deposits on the Swift digital ledger. The transaction was executed over the weekend and took only minutes, while traditional cross-border payments typically take up to two business days.

This marks the second time the Swift digital ledger has been confirmed for real-time application, following HSBC and Standard Chartered's completion of the first real-time tokenized deposit cross-border transaction in August. Swift announced on July 9 that the ledger was available for initial use, with 17 banks preparing to participate in the pilot program. DBS is the only Asia-headquartered bank among the 12 core design group members. DBS Group Chief Operating Officer Rachel Chew stated that the Swift digital ledger is bridging traditional banking infrastructure with emerging digital networks. Mridula Iyer, Citi's Head of Services for South Asia, noted that the weekend real-time transaction demonstrates that 24/7 cross-border payments have become a reality. DBS launched DBS Token Services in 2024, offering 24/7 programmable instant value transfer services.