Citi Processes Real Transactions on SWIFT Blockchain Ledger

Citi, the American bank, has processed real transactions on SWIFT's blockchain-based shared ledger. This marks the first instance of an American bank conducting real transactions on the SWIFT ledger. On the 2nd, Citi announced that it completed dollar transactions in collaboration with First Abu Dhabi Bank (FAB) and OCBC Bank of Singapore. Citi handled the first transaction in the Middle East with FAB and the first transaction in Southeast Asia with OCBC. This real transaction serves as a verification process to assess the feasibility of utilizing distributed ledger technology (DLT) for 24-hour payment and settlement. The SWIFT ledger supports payment agreements using tokenized deposits, with final settlements utilizing existing payment methods. Citi explained that this allows for the connection of existing financial infrastructure with virtual asset networks, improving payment speeds. Currently, Citi operates '24/7 USD Clearing', blockchain-based 'Citi Token Service', and 'Citi Custody Plus', providing services to over 300 banking clients with the 24/7 USD Clearing. Citi is also set to conduct similar transactions with DBS Bank and United Overseas Bank (UOB) later this month. This demonstration is part of a limited proof of concept running from July to December this year.

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