DBS and Citi Bring 24/7 Payments to SWIFT Blockchain

DBS and Citi use SWIFT blockchain technology to test faster 24/7 cross border payments with tokenized bank deposits

DBS and Citi have completed a live US dollar payment between Singapore and the United States using tokenized deposits through the SWIFT blockchain-based Digital Ledger.

The transaction, completed on September 5, took only a few minutes. It highlights how banks are working toward faster cross border payments that can operate beyond traditional banking hours.

Tokenized Deposits Support Faster Payments

The transaction used tokenized bank deposits, which represent money held with a bank in digital form. Unlike cryptocurrencies, these deposits remain connected to regulated banking institutions.

DBS has been developing digital payment services and blockchain-based solutions as part of its broader work in digital assets. More details are available through the DBS newsroom.

SWIFT Tests 24/7 Payments

The SWIFT blockchain initiative is designed to help banks use distributed ledger technology while continuing to work with existing financial infrastructure.

The goal is to make international transactions faster and available around the clock. 24/7 cross border payments could help businesses avoid delays caused by weekends, holidays and different banking hours.

SWIFT has been testing its Digital Ledger with several major financial institutions. The organization says the system is intended to support tokenized transactions while maintaining the reliability of its global network.

Read more about the project in the official SWIFT announcement.

What Comes Next

The DBS and Citi transaction is an early real-world example of how tokenized money and blockchain technology could improve international payments.

As more banks test the system, SWIFT blockchain technology could become part of the wider move toward faster, always-on cross-border transactions.

FAQs

1. What is SWIFT blockchain technology?
SWIFT blockchain technology uses distributed ledger technology to help banks process and coordinate international payments more efficiently.

2. What are tokenized bank deposits?
Tokenized bank deposits are digital representations of money held in a bank account. They can be transferred using blockchain-based systems while remaining connected to the traditional banking system.

3. How can SWIFT blockchain improve cross border payments?
It could help banks process transactions faster and reduce delays caused by banking hours, weekends, and different time zones.

4. What are 24/7 cross border payments?
24/7 cross border payments allow money to move between countries at any time instead of being restricted to normal banking hours.

5. Did DBS and Citi complete a real blockchain payment?
Yes. DBS and Citi completed a live US dollar payment between Singapore and the United States using tokenized deposits through SWIFT's Digital Ledger.