DBS and Citi Enable 24/7 Cross-Border USD Payments With Tokenised Deposits

September 8, 2026 • FinTech News

DBS and Citi have completed a weekend USD payment between Singapore and the United States using tokenized deposits on Swift’s blockchain-based digital ledger, demonstrating how institutional cross-border payments could move beyond traditional banking hours.

The transaction was completed on September 5, 2026, between DBS and Citi’s New York office. According to DBS, the payment took minutes rather than the up to two business days that can be associated with traditional cross-border settlement.

The transaction marks another step in the development of 24/7 cross-border payments, as banks explore how tokenized deposits and shared ledger infrastructure can make international money movement faster and more responsive.

Weekend USD Payment Demonstrates Always-On Banking

Cross-border payments have traditionally been constrained by banking hours, time zones, and settlement processes.

The DBS-Citi transaction demonstrates a different model.

Because the payment used tokenized deposits through Swift’s digital ledger, the participating institutions were able to execute the USD transfer over a weekend.

That could be particularly valuable for companies operating in markets where commerce continues outside traditional banking hours.

E-commerce companies, digital platforms, and global businesses can generate transactions around the clock. Delays in moving liquidity between jurisdictions can create additional operational costs and make cash management more difficult.

An always-on payment infrastructure could give corporate treasurers greater flexibility to move liquidity when it is needed rather than waiting for the next banking day.

Swift’s Digital Ledger Connects Tokenized Deposits

The transaction builds on Swift’s blockchain-based ledger initiative.

Swift announced in July that its ledger was ready for initial use, with 17 banks preparing to pilot live transactions using tokenized deposits for 24/7 cross-border payments.

The ledger is designed to act as an orchestration layer connecting bank-issued tokenized deposits.

Importantly, the model does not require banks to abandon their existing infrastructure. Swift says participating banks retain control of their assets, funding, and settlement arrangements, while the ledger coordinates payment commitments and interbank processes.

That approach could make tokenized payments easier to integrate with the existing financial system.

Instead of creating a completely separate financial network, Swift is attempting to connect emerging digital-money infrastructure with the banking infrastructure institutions already use.

Tokenized Deposits Move Toward Real-World Use

The DBS-Citi transaction is significant because tokenized deposits are being tested in an actual cross-border payment rather than remaining solely a technology experiment.

Tokenized deposits represent commercial bank money in a digital format and can potentially be moved through distributed-ledger infrastructure.

For banks, the model offers a way to explore blockchain-based payments while maintaining the role of regulated financial institutions.

Swift has positioned its ledger as part of a broader effort to bring regulated digital assets into established financial infrastructure. Its initial focus is 24/7 cross-border payments, with future possibilities including programmable money and other digital-finance applications.

Liquidity Management Could Be a Major Use Case

The implications extend beyond payment speed.

For corporate treasurers, the ability to move money across jurisdictions outside traditional banking hours could improve liquidity management.

A company facing an unexpected funding requirement on a Saturday, for example, could potentially transfer liquidity without waiting for Monday’s banking window.

This becomes more important as businesses operate across increasingly fragmented global markets.

DBS cited its New Realities, New Possibilities research, which found that 50% of finance leaders are exploring blockchain-powered capabilities for liquidity and FX management.

The bank also highlighted projections that Asia’s outbound cross-border payments could reach $24 trillion by 2033, compared with $13.5 trillion in 2025.

The growth of cross-border commerce could therefore create stronger demand for payment infrastructure that operates continuously.

DBS Builds on Its Tokenization Strategy

For DBS, the transaction builds on several years of investment in tokenized money and blockchain-based financial services.

The bank launched DBS Token Services in 2024, offering blockchain-powered capabilities designed to support programmable and near-instant value transfers.

The bank has also developed DBS Treasury Tokens, aimed at helping businesses manage treasury and liquidity through a permissioned blockchain infrastructure.

DBS is also part of Swift’s digital ledger core design group, helping shape the architecture of the new infrastructure.

That experience gives the bank a significant role in testing how tokenized deposits can connect with international payment networks.

Citi Extends Its Institutional Digital Asset Strategy

Citi is approaching the initiative from the perspective of institutional transaction banking.

The bank has been investing in digital assets, tokenized deposits, and blockchain infrastructure while continuing to operate its traditional cash-management and securities businesses.

The DBS transaction demonstrates how those two worlds can begin to work together.

Rather than replacing conventional banking infrastructure, tokenized networks can potentially sit alongside existing payment systems and provide new ways to coordinate liquidity and settlement.

That interoperability will be critical if tokenized deposits are to move beyond individual bank networks.

From Pilot to Payment Infrastructure

Swift’s digital ledger initiative is entering an important phase.

The organization has already moved from concept to an initial live infrastructure, with banks across six continents preparing to test transactions.

DBS and Citi’s weekend payment provides an early example of what that infrastructure can enable.

The bigger question now is scalability.

A successful institutional payment requires more than faster technology. Banks need consistent standards, regulatory compliance, liquidity, operational resilience, and interoperability across different jurisdictions.

Swift’s advantage is that it already connects more than 11,500 financial institutions and operates across more than 200 countries and territories.

That existing network could give its blockchain-based infrastructure a path to broader adoption.

The Future of Cross-Border Payments May Be Always On

The DBS-Citi transaction illustrates a broader shift in global payments.

For decades, international payments have operated around banking calendars, settlement windows, and time-zone constraints. Digital commerce increasingly operates without those limitations.

Tokenized deposits could help bridge that gap.

If banks can connect tokenized money through shared infrastructure while maintaining existing compliance and risk controls, cross-border payments could become faster, more transparent, and available around the clock.

For corporate treasurers, the benefit could be greater control over liquidity.

For banks, the opportunity is to modernize payment infrastructure without abandoning the regulated financial system.

And for Swift, the DBS-Citi transaction represents an important real-world test of its ambition to make 24/7 cross-border payments using regulated digital money a practical part of global banking.

The weekend payment may have lasted only minutes. Its significance for the future of institutional payments could be much larger.

DBS and Citi partner to enable instant 24/7 cross-border USD payments with tokenized deposits