Citi and Singaporean bank DBS completed a transaction via the Swift network to demonstrate that the new rails can operate 24/7. The transaction used tokenized deposits and took just minutes to complete.
The test points to a broader shift in how money could move around the global financial system. Companies increasingly operate across time zones and around the clock, but the infrastructure underpinning cross-border payments has remained tied to banking hours and market cutoffs. Swift’s new rails are designed to help close that gap.
The Citi-DBS transaction was the second bank-to-bank tokenized cross-border payment completed on Swift’s blockchain-based ledger, following a transaction by Standard Chartered and HSBC in August. But it was the first to be executed during traditional banking off-hours—a test of whether the new infrastructure can deliver on the primes of payments that operate continuously.
Both payments ran on Swift’s Digital Ledger, a blockchain-based infrastructure layer that the messaging network has been piloting with a core group of banks. In a world of round-the-clock industries operating freely across borders, the network represents a significant improvement over the old expectation of up to two business days to complete a cross-border payment.
Potential Use Cases
The same model could eventually support programmable corporate payments, FX management, securities-related cash movements, and tokenized bond settlement. Corporate treasurers could also take advantage of changing market conditions by moving liquidity across markets at a moment’s notice.
“DBS and Citi achieved an instant cross-border tokenized deposit this weekend, but the bigger story is that two major global banks moved real money internationally through Swift over a weekend,” said Brian Riley, Co-Head of Payments at Javelin Strategy & Research. “This is particularly significant for cross-border liquidity and treasury services. DBS, a top Asian bank, has been aggressive with tokenization and blockchain, while Citi has always focused on technology and interoperability.”
“This story shows that payments can operate continuously, cross-border payments can settle in minutes, and liquidity strategies can be available instantly,” he said. “It is a win for Citi, DBS, and Swift.”
Building the Infrastructure
Swift’s blockchain-based ledger was developed with input from 17 major financial institutions around the world, including BNY and Wells Fargo, in addition to Citi. The banks issue tokenized deposits through their own systems and then use Swift’s infrastructure to transfer funds globally. The underlying transaction becomes final only after clearing through Swift’s traditional messaging network.
The market for these cross-border transactions is already significant and continues to grow. Asia’s outbound cross-border payments totaled $13.5 trillion in 2025, and DBS projects that figure will reach $24 trillion by 2033. The development is particularly significant for DBS, the only Asian-headquartered bank in Swift’s core design group.
