Citi has processed live US dollar transactions with First Abu Dhabi Bank and OCBC using Swift’s blockchain-based ledger.
The transactions were the first conducted through the ledger in the Middle East and Southeast Asia, respectively.
Citi also became the first US bank to process live native ledger transactions on the platform.
The bank expects to conduct similar transactions with DBS and UOB later this month.
The pilot transactions form part of a controlled proof of concept running from July to December 2026.
Swift’s digital ledger uses shared blockchain infrastructure to enable instant payment commitments through tokenised commercial bank deposits.
Existing settlement models, including real-time gross settlement systems, are used for final settlement.
The pilot is testing whether the technology can support round-the-clock cross-border payments without traditional cut-off times or weekend closures.
The model could give beneficiaries faster access to funds and help banks manage liquidity more efficiently.
Debopama Sen, Head of Payments at Citi Services, said,
“This pilot represents a crucial step in exploring how we can leverage the power of shared ledger technology to create a more efficient, interoperable, and always-on global financial system that supports both payments and collateral movement.
Our active engagement in the design and execution of Swift’s ledger MVP ensures that our clients’ interests are at the forefront as we shape the future of interoperability between digital and traditional currencies.”
The initiative forms part of Citi’s wider push into digital assets across cash and securities.
Its related services include 24/7 US dollar clearing, Citi Token Services and Citi Custody+.
Citi’s round-the-clock US dollar clearing service serves more than 300 bank clients globally.
Citi Token Services processes around US$1 billion in transactions through its blockchain-based platform.
The shared infrastructure could eventually support the movement of tokenised securities alongside deposits and cross-border payments.
OCBC said the pilot showed how bank-issued digital money could move securely across borders.
DBS highlighted the importance of connecting traditional banking infrastructure with emerging digital networks, while UOB said the initiative could support faster payment flows across markets.
Featured image: Edited by Fintech News Singapore, based on image by Bozo_Studio via Magnific
