DBS and Citi settle weekend USD payment on Swift Digital Ledger

DBS and Citi completed the first weekend cross-border USD payment between Singapore and the U.S. using Swift's Digital Ledger, settling tokenized deposits in minutes what traditionally takes up to two business days. The transaction is the second confirmed live use of Swift's blockchain ledger.

• The move marks another step in Swift's push to bring tokenized deposits and cross-border settlement onto blockchain rails, following earlier live pilot transfers by HSBC and Standard Chartered.
• It comes as the network races to prove it can compete with digital payment rails that never close.