The Siam Commercial Bank (SCB) has gone live with Citi’s integrated 24/7 USD clearing and token services solution, becoming its first financial institution client globally.
The service allows corporate and institutional clients to make near real-time cross-border USD payments outside normal banking hours, including over weekends and holidays.
Citi Token Services uses a private permissioned blockchain to tokenise deposits held within Citi’s global network and operates within the regulated banking system.
It has been integrated with Citi’s 24/7 USD Clearing solution, which connects more than 300 financial institutions across over 50 markets.
The first transaction under the collaboration was completed by Phillip Securities Thailand, a subsidiary of PhillipCapital and a client of SCB.
USD funds were transferred from a Citi London account held by Phillip Capital Inc, another PhillipCapital subsidiary, to a beneficiary account with SCB in Thailand over a US holiday weekend.
Thanawatn Kittisuwan, Head of Transaction Banking at SCB, said,
“Through our collaboration with Citi, we are the first bank in Thailand to leverage tokenisation to enhance cross-border USD capabilities, helping our clients simplify operational constraints and conduct their international business activities with greater flexibility.”
Mridula Iyer, Asia South Head of Services at Citi, said,
“Our enhanced 24/7 USD Clearing solution integrated with Citi Token Services is an industry-first that bridges traditional and digital rails to expand our suite of always-on client solutions.
It furthers our ‘network of networks’ approach as we build capabilities that are interoperable so that they are multi-bank, multi-market and multi-network.”
Featured image: Edited by Fintech News Singapore, based on image by SCB
