Citigroup to Offer Real-Time Cross-Border Payments for Japanese Companies via Blockchain

ME News reports that on September 9 (UTC+8), Citigroup plans to launch, as early as this year, a tokenized deposit-based international remittance service for corporate clients in Japan, enabling real-time foreign currency transfers during nights and holidays, with instant cross-border settlements between Japan and Citigroup’s entities in the U.S., U.K., Singapore, Hong Kong, and Ireland. Shahmir Khaliq, Head of Global Services at Citigroup, stated that this will be the first such service offered by a foreign financial institution to corporate clients in Japan. Tokenized deposits convert traditional deposits into digital tokens transferable on-chain, leveraging existing banking infrastructure to eliminate the need for companies to make early payments to avoid holiday delays, thereby reducing capital lock-up and financing costs. Citigroup currently processes approximately $6 trillion in daily transaction volume, with tokenized deposit transfers accounting for around $1 billion daily. The bank is also collaborating with SWIFT and The Clearing House to explore cross-bank transfer infrastructure. (Source: Foresight News)