DBS and Citi completed a U.S. dollar payment between Singapore and Citi’s New York office on Saturday, September 5, using tokenized deposits on Swift’s blockchain-based Digital Ledger. The transaction was executed in minutes, compared to the industry norm of up to two business days for cross-border payments. This was the second confirmed live use of the ledger, following HSBC and Standard Chartered’s first live cross-border transfer in August. Swift announced on July 9 that the ledger was ready for initial use, with 17 banks across six continents preparing live transaction pilots. DBS, the only Asian-headquartered bank in the 12-bank core design group, conducted this test without disclosing the transaction value or providing a timeline for broader client availability.
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