DBS said it completed the first weekend U.S. dollar payment between Singapore and the United States with Citibank’s New York branch on Sept. 5 through Swift’s Digital Ledger, with settlement carried out using tokenized deposits. According to DBS, the transfer was completed in minutes, while a conventional cross-border U.S. dollar payment can take as long as two business days.
The test was designed to remove limits tied to banking hours, weekends and time-zone differences, allowing round-the-clock movement of funds across borders. DBS said possible use cases include cross-border e-commerce and digital services.
Citi joined Swift’s 24/7 cross-border payments pilot based on tokenized deposits in July this year and plans to take part in building a U.S. tokenized deposit network. DBS, for its part, launched a blockchain-based banking system in 2024 that includes DBS Treasury Tokens for liquidity management.
DBS said on Sept. 7 that it completed the first weekend U.S. dollar payment between Singapore and the United States with Citibank’s New York branch on Sept. 5 through Swift’s Digital Ledger, using tokenized deposits for settlement.
According to DBS, the transaction took only minutes to complete. A traditional cross-border U.S. dollar payment, by comparison, usually takes up to two business days.
The pilot targets weekend and time-zone constraints
DBS said the test was intended to get around the limits of traditional banking hours, weekend processing and cross-time-zone operations, enabling 24/7 cross-border fund transfers. The bank said potential use cases include cross-border e-commerce and digital services.
Citi and DBS outline related plans
Citi joined Swift’s 24/7 cross-border payments pilot based on tokenized deposits in July this year and plans to participate in building a U.S. tokenized deposit network.
DBS launched a blockchain-based banking system in 2024, including DBS Treasury Tokens for liquidity management.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
