DBS, Citi bypass traditional banking hours in cross-border tokenised deposit trial
Standard cross-border settlement can take up to 2 business days due to time zones, weekend closures
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[SINGAPORE] DBS and Citi executed a live cross-border US dollar payment on Saturday (Sep 5) using tokenised deposits, marking a new milestone in a broader global pilot to bypass traditional banking hours.
The transaction between Singapore and Citi’s New York office was completed in minutes via the SWIFT Digital Ledger, said the two banks on Monday. It follows recent live native ledger transactions Citi processed in the Middle East with First Abu Dhabi Bank, and in South-east Asia with OCBC.
The test comes as financial institutions seek faster liquidity management tools to support 24/7 digital industries such as e-commerce and digital services. Outbound cross-border payment volume in Asia is projected to nearly double to US$24 trillion by 2033, from US$13.5 trillion in 2025.
“In a global digital economy that never sleeps, businesses need to move money more quickly and efficiently across borders to stay competitive,” Rachel Chew, group chief operating officer and co-head of digital assets for global transaction services at DBS, said.
Regular cross-border settlement can take up to two business days due to weekend closures and time-zone differences.
UOB is also slated to execute a US dollar transaction with Citi later in September. The live transactions are part of a controlled proof-of-concept phase running from July to December.
Blockchain-based liquidity
Banks are racing to modernise infrastructure as global payment volumes balloon. About 50 per cent of finance leaders are currently exploring blockchain-powered capabilities as part of their liquidity and foreign-exchange risk toolkits, indicated a July 2025 report by DBS.
The SWIFT ledger uses a shared blockchain-based infrastructure that allows for instant payment commitments via tokenised deposits. It leverages existing models, such as real-time gross settlement, to ensure the safety of the transfers.
On Sep 2, Debopama Sen, head of payments for Citi’s services business, said: “This pilot represents a crucial step in exploring how we can leverage the power of shared ledger technology to create a more efficient, interoperable and always-on global financial system.”
The weekend transaction shows that always-on cross-border payments are shifting from experimentation to real-world adoption, said Mridula Iyer, head of services for Asia South at Citi, on Monday. The initiative integrates Citi’s core cash management capabilities with emerging tokenised asset networks.
The US bank’s 24/7 USD clearing solution serves more than 300 global bank clients, and its blockchain-based Citi Token Services platform processes about US$1 billion in transactions.
For corporate clients, moving bank-issued digital money efficiently across borders means greater payment certainty and faster access to funds.
Singapore-based DBS launched its blockchain-powered banking suite, including treasury tokens, in 2024 to support instantaneous value transfers. The lender is also the only Asian-headquartered bank in SWIFT’s 12-member core design group for its digital ledger architecture.
The bank said in August that it expects its investment in tokenised finance to catch up with or even overtake traditional payment and custody spending within the next two to three years.
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