DBS, Citi bypass traditional banking hours with weekend tokenised deposit payment

DBS Bank and Citigroup successfully completed a cross-border USD payment using tokenised deposits on September 5, marking a significant advancement in their initiative to bypass conventional banking hours and facilitate 24/7 global cash transfers. Executed through DBS and Citi's New York office, the transaction was completed in mere minutes via the Swift Digital Ledger.

Traditional cross-border settlements typically span two business days due to time zone disparities and weekend closures. This innovation comes as financial institutions strive for more efficient liquidity management tools to support the round-the-clock operations of industries like e-commerce and digital services. Projections indicate that outbound cross-border payment volume in Asia will nearly double to US$24 trillion (S$30.4 trillion) by 2033, compared to US$13.5 trillion in 2025.

Rachel Chew, DBS's group chief operating officer and co-head of digital assets for global transaction services, highlighted the need for businesses to move funds more swiftly and efficiently across borders to remain competitive in a globally connected economy. Approximately half of finance leaders are currently exploring blockchain-powered capabilities to enhance their liquidity and foreign-exchange risk management strategies, according to a July 2025 report from DBS.

This weekend transaction signifies the transition from experimental to practical implementation of always-on cross-border payments. Mridula Iyer, head of services for Asia South at Citi, emphasized the shift towards real-world adoption of these capabilities. DBS launched its blockchain-powered banking suite, including treasury tokens, in 2024 to enable instant value transfers.

The bank is also the sole Asian-headquartered institution in Swift's 12-member core design group for its digital ledger architecture. In August, DBS projected that its investment in tokenised finance would either match or surpass traditional payment and custody expenditures within the next two to three years.