Citi and DBS Execute Cross-Border Tokenized Payment via Swift Ledger

The pilot transaction connected the New York office of Citi with DBS, marking a shift toward continuous cross-border liquidity. While the banks did not disclose the transaction’s value or associated fees, the test demonstrated the ability to process payments outside of standard banking hours. Swift’s ledger functions as an orchestration layer, validating payment obligations through smart contracts while maintaining final settlement within established banking infrastructure.

This initiative follows similar experiments by HSBC and Standard Chartered, as well as previous tests conducted by Citi with First Abu Dhabi Bank and OCBC. Despite the progress, the technology remains in a controlled testing phase. Banks have yet to announce a commercial launch date, pricing models, or the capacity for recurring customer transactions at scale. Citi currently manages approximately $1 billion in volume through its own internal token services, while DBS continues to integrate its treasury tokens into broader digital asset strategies.