DBS and Citi’s New York office completed a U.S. dollar cross-border payment between Singapore and the United States on Sept. 5 using tokenized deposits through the Swift Digital Ledger. The transaction was carried out over the weekend and took only minutes, compared with traditional cross-border payments that can take up to two business days, reducing delays tied to time zones and weekends. Swift said this was the second confirmed real-time use case on the ledger after HSBC and Standard Chartered completed the first real-time tokenized deposit cross-border transaction in August. Swift had announced on July 9 that the ledger was available for initial use, with 17 banks preparing to pilot it. DBS is the only Asia-headquartered bank among the 12 members of the core design group. DBS COO Rachel Chew said the ledger links traditional banking infrastructure with emerging digital networks, while Citi South Asia Services Head Mridula Iyer said the weekend transaction showed that around-the-clock cross-border payments are now possible.
DBS and Citi’s New York office completed a U.S. dollar cross-border payment between Singapore and the United States on Sept. 5 through the Swift Digital Ledger, using tokenized deposits.
The payment was executed over the weekend and took only minutes to complete. Traditional cross-border payments often take as long as two business days, meaning companies can lose time because of time-zone differences and weekend gaps.
Second confirmed real-time use on the ledger
Swift said the transaction marked the second confirmed real-time application of the ledger. In August, HSBC and Standard Chartered completed the first real-time cross-border transaction using tokenized deposits.
Swift announced on July 9 that the ledger was ready for initial use, with 17 banks preparing to join the pilot. DBS is the only bank headquartered in Asia among the 12 members of the core design group.
Executives comment on the transaction
Rachel Chew, group chief operating officer at DBS, said the Swift Digital Ledger is connecting traditional banking infrastructure with emerging digital networks to move tokenized money from experimentation into practical use.
Mridula Iyer, South Asia Services Head at Citi, said the real-time weekend transaction showed that 24/7 cross-border payments are now a reality.
DBS tokenization services launched in 2024
DBS launched DBS Token Services in 2024, offering 24/7 programmable instant value transfer services.
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