Citigroup enabled 24/7 cross-border USD payments for institutional clients. Thailand’s Siam Commercial Bank (SCB) became the first financial institution to utilize this integrated solution.
The service merges Citi’s 24/7 USD Clearing with Citi Token Services to facilitate near real-time fund transfers. This system bypasses traditional banking hours and settlement delays.
A private permissioned blockchain tokenizes deposits within Citi’s network to ensure instant settlement. An SCB client recently completed an instant transfer from a UK Citigroup account to an SCB account in Thailand.
Citigroup reports that internal account transfers already reach $1 billion daily. The bank noted increasing demand for instant international transfers between different financial institutions.