- DBS and Citi completed the first weekend USD payment between Singapore and the U.S. using tokenized deposits through Swift’s Digital Ledger.
- The Sept. 5 transaction took minutes, compared with up to two business days for traditional cross-border payments.
- The system allows institutions to transfer money outside normal banking hours, reducing delays caused by weekends and time zones.
DBS and Citi have completed the first weekend U.S. dollar payment between Singapore and the United States using tokenized deposits through Swift’s Digital Ledger.
The transaction was completed between DBS and Citi’s New York office on Sept. 5 and settled within minutes, according to DBS.
Traditional cross-border payments can take up to two business days, particularly when transactions are affected by weekends, banking hours and differences between time zones.
The test demonstrates how tokenized deposits could allow banks and businesses to move money around the clock while continuing to use regulated banking infrastructure.
Tokenized Deposits Enable 24/7 Payments
The new capability is designed to remove some of the timing restrictions that currently affect international USD payments.
By using tokenized deposits, institutions can potentially move funds outside traditional banking hours instead of waiting for banks and payment systems in different countries to reopen.
The capability could be particularly useful for businesses operating continuously across multiple jurisdictions, including e-commerce and digital services companies.
DBS Group Chief Operating Officer Rachel Chew said the transaction demonstrates how tokenized money is beginning to move from experimentation toward real-world adoption.
Citi Expands Tokenized Payment Infrastructure
Citi joined Swift’s pilot for 24/7 cross-border payments using tokenized deposits in July.
The bank has said its tokenized deposit technology can support near-instantaneous transfers across select markets.
Citi is also participating alongside other major U.S. banks in plans to establish a tokenized deposit network through The Clearing House.
That network is currently targeting a launch during the first half of 2027.
DBS Builds Out Blockchain Banking Services
DBS has also been expanding its blockchain-based financial infrastructure.
The Singapore-based bank launched a blockchain-powered banking suite in 2024 that included DBS Treasury Tokens, which are designed to support liquidity management.
DBS is also the only Asian-headquartered institution participating in Swift’s 12-bank digital ledger core design group.
The successful weekend transaction with Citi marks another step toward bringing tokenized deposits into everyday institutional banking, with faster settlement and 24/7 availability potentially changing how companies move money across borders.
