- DBS and Citi complete a cross-border USD payment in minutes, showing weekend transactions can bypass traditional banking-hour delays.
- Swift’s Digital Ledger synchronizes payment commitments between banks, while settlement continues through existing banking infrastructure.
- DBS says tokenized deposits can support corporate liquidity management across markets, time zones and regular banking hours.
DBS and Citi completed a cross-border U.S. dollar payment between Singapore and the United States on Sept. 5. The weekend transaction used tokenized deposits through Swift’s Digital Ledger and took minutes to complete. It demonstrated cross-border payment processing outside traditional banking hours, with settlement continuing through existing banking infrastructure.
Weekend Payment Cuts Banking Time Gaps
The transaction involved DBS and Citi’s New York office, according to DBS. It showed how institutions can process USD payments across jurisdictions during weekends. Previously, cross-border payments could take up to two business days.
However, the transaction took only minutes, removing delays linked to weekends and different time zones. Swift’s Digital Ledger synchronizes payment commitments between participating banks. Settlement still occurs through existing banking infrastructure rather than directly on the ledger.
The setup targets companies operating across different markets and time zones. It also allows corporate treasurers to move liquidity between entities and markets outside regular banking hours.
Tokenized Deposits Support Always-On Payments
The transaction comes as institutions examine blockchain-based tools for liquidity and foreign exchange management. According to DBS, 50% of finance leaders surveyed are exploring blockchain capabilities for those functions.
Meanwhile, outbound cross-border payments in Asia are projected to reach $24 trillion by 2033. That compares with $13.5 trillion in projected 2025 volumes, according to the DBS information provided.
Rachel Chew, DBS chief operating officer and co-head of Digital Assets, highlighted interoperability between banking systems and digital networks. Mridula Iyer, Citi’s head of Services for Asia South, said the transaction demonstrated weekend cross-border payments using Swift’s ledger.
DBS Expands Its Digital Asset Services
DBS launched DBS Token Services in 2024 as its suite of blockchain-powered banking services. The offering includes DBS Treasury Tokens for treasury and liquidity management. The bank uses a permissioned blockchain for its treasury token solution.
DBS also remains the only Asian-headquartered bank in Swift’s digital ledger core design group. The group includes 12 banks involved in shaping the ledger’s architecture. Meanwhile, the Sept. 5 transaction adds a live weekend payment to DBS and Citi’s work with tokenized deposits.
The transaction connected Singapore and the United States using Swift’s ledger for payment commitments. Settlement continued through existing banking infrastructure after the digital ledger process.