Citi, DBS test instant U.S.-Singapore payments

Citi and DBS completed a tokenized U.S. dollar payment between Singapore and New York on Sept. 5, processing the weekend transaction within minutes through Swift’s blockchain-based ledger. Summary Citi and DBS completed a live tokenized dollar payment between Singapore and New York Saturday. The weekend transaction used Swift’s Digital Ledger and reached completion within several minutes on Saturday. Swift’s ledger coordinates tokenized bank deposits while final settlement still uses established financial infrastructure systems. Seventeen banks across six continents joined Swift’s initial live transaction pilot announced in July 2026. Citi separately plans to join a U.S. tokenized deposit network targeting 2027, reports previously indicated. DBS announced the transaction on Monday, describing it as the first successful weekend U.S. dollar payment between Singapore and the United States using Swift’s Digital Ledger. The payment connected DBS with Citi’s New York office. Neither bank disclosed the transaction’s value, participating customer or applicable fees. The lack of those details limits comparisons with existing cross-border payment products. DBS said the transaction took minut...