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DBS and Citi complete weekend USD payment via tokenized deposits

The cross-border transfer between Singapore and the U.S. was completed in minutes on Sept. 5, removing weekend and time-zone delays that can stretch traditional payments to two business days.

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DBS and Citi said they have completed the first weekend cross-border USD payment between Singapore and the U.S., settling the transfer using tokenized deposits on Swift’s Digital Ledger, according to The Block.

The banks said the transaction was completed by DBS and Citi’s New York office on Sept. 5 and took minutes, compared with up to two business days for traditional cross-border USD payments.

DBS said the setup is designed to eliminate weekend and time-zone delays that can slow payments and to help institutions move money outside traditional banking hours, targeting companies operating across jurisdictions such as those in e-commerce and digital services.

The Block also reported that Citi joined a Swift pilot for 24/7 cross-border payments using tokenized deposits in July and that its tokenized deposit capabilities are intended to support near-instantaneous movement across select markets. DBS added that it is part of a group of major U.S. banks planning a tokenized deposit network through The Clearing House, with a targeted launch in the first half of 2027.

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