DBS and Citi Complete Weekend USD Payment on Swift Digital Ledger

DBS and Citi Test 24/7 Cross-Border Payments

Traditional international payments can be affected by banking hours, weekends and differences between time zones. For businesses operating continuously across multiple markets, these delays can make it harder to move liquidity when it is needed.

The DBS-Citi transaction demonstrates a different model. Instead of waiting for conventional banking windows to reopen, the banks used tokenized deposits through Swift’s Digital Ledger to execute the payment during a weekend. DBS said the transaction took only minutes to complete.

DBS Group Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services, Rachel Chew said the transaction demonstrates how tokenized money can move from experimentation toward real-world use. Citi’s Mridula Iyer, Head of Services for Asia South, similarly described the weekend transaction as evidence that always-on cross-border payments are becoming a practical capability.

How Swift’s Digital Ledger Works

Swift’s Digital Ledger is designed as a shared coordination layer for participating banks. Rather than replacing every existing banking and settlement system, it provides infrastructure through which banks can coordinate payment commitments involving tokenized deposits.

Swift says the ledger allows participating institutions to support 24/7 cross-border payments, including overnight and weekend transactions. Banks continue to maintain control over their assets, keys and funding, while final settlement can take place through existing systems and agreed mechanisms.

The infrastructure is being built using an Ethereum Virtual Machine-compatible architecture based on Hyperledger Besu. Swift operates the ledger, while participating banks retain control over their own environments and assets.

For more background, Swift's official Digital Ledger initiative explains how the organization is incorporating distributed-ledger technology into its existing financial infrastructure.

Tokenized Deposits Are at the Center

The DBS-Citi payment used tokenized deposits, rather than a cryptocurrency such as Bitcoin or Ether.

Tokenized deposits represent commercial bank deposits in a digital form that can be used within blockchain-based infrastructure. In Swift’s model, these tokenized deposits provide the underlying representation of value while the Digital Ledger coordinates payment commitments between participating institutions.

Swift says its ledger is designed to combine blockchain technology with existing compliance, risk and control processes. The goal is to allow banks to gain some of the benefits associated with digital assets without abandoning the infrastructure and controls used by the traditional financial system.

This distinction is important because the project is aimed primarily at institutional payments and banking infrastructure, rather than creating a public cryptocurrency payment network.

Swift Began With 17 Participating Banks

Swift announced in July that its blockchain-based ledger was ready for initial use, with 17 banks from six continents preparing to participate in live transactions.

The participating institutions include Citi, DBS, HSBC, Standard Chartered, UBS, Wells Fargo, ANZ, BNP Paribas, BNY, First Abu Dhabi Bank, FirstRand Bank, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC and UOB.

DBS is the only Asian-headquartered bank in the Digital Ledger core design group of 12 banks, according to the bank. DBS has also been developing its own blockchain-based banking infrastructure, including its DBS Token Services, which launched in 2024.

Swift originally announced plans for the shared blockchain ledger in September 2025. The organization said the project was intended to help enable real-time, always-on cross-border transactions while connecting emerging digital-finance infrastructure with its established global network.

Demand for Faster Cross-Border Payments Is Growing

DBS said its research found that 50% of finance leaders are exploring blockchain-powered capabilities for liquidity and foreign-exchange management.

The bank also cited projections that Asia’s outbound cross-border payment flows could reach $24 trillion by 2033, compared with $13.5 trillion in 2025. The figures come from a Money20/20 and FXC Intelligence report cited by DBS.

For corporate treasurers, faster payment execution can provide greater flexibility in moving liquidity between entities and markets. This is particularly relevant for companies operating across multiple time zones, where conventional banking schedules can create delays.

Swift is positioning its Digital Ledger as part of a broader effort to modernize cross-border financial infrastructure rather than as a standalone replacement for traditional payment systems.

Swift Wants Blockchain and Traditional Banking to Work Together

The latest DBS-Citi transaction is significant because it shows blockchain-based infrastructure being tested within the existing banking system.

Swift says its Digital Ledger is intended to provide faster payment execution, improved liquidity visibility, reduced reconciliation work and interoperability between institutions. Future applications could also include programmable corporate payments, foreign-exchange payment-versus-payment transactions and cash movements related to securities transactions.

The approach is therefore less about replacing established financial networks and more about adding programmable digital infrastructure alongside them. That could allow banks to use tokenized forms of commercial money while continuing to rely on existing settlement arrangements.

What the DBS-Citi Transaction Means

The DBS-Citi payment provides another real-world demonstration of how tokenized deposits can be used for cross-border banking transactions outside normal operating hours.

Completed on Sept. 5, the transaction moved USD between Singapore and the United States over a weekend and settled in minutes. It follows Swift’s broader rollout of its blockchain-based ledger and the participation of 17 global banks in its initial live-transaction program.

For now, the project remains focused on institutional financial infrastructure. But as banks continue testing tokenized deposits and always-on settlement, Swift’s Digital Ledger could become an important bridge between traditional correspondent banking and the emerging tokenized financial system.