DBS and Citi have completed a cross-border U.S. dollar payment between Singapore and the United States over a weekend, highlighting a major step toward round-the-clock bank payments. The transaction took place on Sept. 5 and used tokenized deposits through Swift’s blockchain-based Digital Ledger.
The payment took only minutes to complete. Traditional cross-border transfers can take up to two business days because of time-zone differences, banking cutoffs, and weekend closures.
Swift’s Digital Ledger is designed to connect existing banking infrastructure with distributed ledger technology. It allows participating banks to coordinate movements of tokenized deposits while retaining established settlement systems.
Always-on payments gain momentum
The DBS-Citi transaction comes as banks increasingly explore tokenized money to improve liquidity and cross-border payment efficiency. The technology could allow companies to move funds outside conventional banking hours, which may prove particularly useful for businesses operating continuously across multiple markets.
Swift launched its blockchain-based ledger for initial use in July 2026. Seventeen banks across six continents joined the initial pilot, including Citi, DBS, HSBC, UBS, Standard Chartered and Wells Fargo. The initiative focuses on 24/7 cross-border payments using bank-issued tokenized deposits.
DBS has expanded its tokenized finance capabilities since launching DBS Token Services in 2024. The bank also participates in Swift’s core design group for the Digital Ledger.
From pilot to real-world payments
The weekend transaction demonstrates how tokenized deposits are moving beyond controlled experiments into live financial infrastructure. Citi has also been developing 24/7 payment capabilities through its existing digital asset and clearing businesses.
For corporate treasurers, faster settlement could improve cash availability and reduce liquidity trapped by international banking schedules. The broader challenge will be scaling interoperability while maintaining regulatory, risk, and settlement controls.
