DBS and Citi Complete First Weekend Cross-Border USD Settlement via Tokenized Deposits

DBS and Citi’s New York office settled a live USD payment between Singapore and the US on Saturday 5 September using tokenised deposits on Swift’s Digital Ledger. It took minutes against the usual two business days, and it ran outside banking hours: the first weekend cross-border settlement between two GSIBs. For cross-border payments operators, that is a settlement rail running when correspondent banking windows are shut.