DBS and Citi settle USD payments in minutes via tokenised deposits

Citi and DBS said it complements their existing services and tokenised offerings.

DBS and Citi have successfully made US dollar payments between Singapore and the United States using tokenised deposits via the Swift digital ledger.

The transaction took minutes to complete, compared to the industry norm of up to two business days for cross-border payments, the two banks said in a joint statement on 7 September 2026.

For institutions operating in round-the-clock borderless industries like e-commerce and digital services, this provides greater certainty and faster access to cash for suppliers and customers, DBS and Citi said.

For Mridula Iyuer, head of services for Asia South in Citi, the transaction is an extension of Citi’s strategy in its services business to integrate traditional cash management and securities capabilities with emerging tokenised networks and assets.

DBS said that the transaction builds on its earlier tokenised money and payments capabilities and is part of its continued expansion in its suite of digital asset solutions.

Amongst these include DBS Token Services, its blockchain-powered 24/7 programmable transfer service, and DBS Treasury Tokens, its treasury and liquidity management solution.

The Swift Digital Ledger is bridging traditional banking infrastructures with emerging digital networks to enable deeper interoperability that benefits clients, said Rachel Chew, group chief operating officer and co-head of digital assets, Global Transaction Services, DBS.