SCB rolls out 24/7 USD clearing in Thailand with Citi Token Services
Settlement is near instant, according to SCB.
Siam Commercial Bank (SCB) has collaborated with Citi to launch 24/7 USD Clearing services for near real-time cross-border payments.
The Thai bank will adopt Citi Token Services and 24/7 clearing solution to enable clients to initiate and receive USD payments 24 hours, 7 days a week with near-instant settlement.
Citi Token Services uses private permissioned blockchain, while the 24/7 USD Clearing solution connects connecting over 300 financial institutions across over 50 markets.
SCB is one of Thailand’s largest commercial banks and is the country’s oldest bank.