DBS and Citi Complete First Weekend USD Payment Using Swift Tokenized Deposits

DBS and Citi have completed what they describe as the first successful weekend cross-border USD payment between Singapore and the United States using tokenized deposits on the Swift Digital Ledger. The banks announced the transaction on September 7, after the payment was completed on September 5 between DBS and Citi’s New York office.

The transfer settled in minutes, according to DBS, rather than the industry norm of up to two business days cited for conventional cross-border payments. Its completion during a weekend is the immediate test of whether payment commitments can be made outside normal banking hours in the Singapore–US corridor.

DBS and Citi complete weekend Singapore–US USD payment in minutes

The transaction involved a USD payment between DBS and Citi’s New York office.

DBS said the payment used tokenized deposits on Swift’s Digital Ledger, framing it as an instant, 24/7 cross-border payment capability.

The banks said the transfer was completed on a Saturday and settled in minutes. Conventional international payments can be delayed by operating-hour differences and non-business days, and DBS gave up to two business days as a benchmark for existing cross-border payment processes.

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