Citigroup’s Services business processed the first live US dollar transactions on Swift’s new blockchain-based shared ledger. The bank executed the pilot in partnership with First Abu Dhabi Bank (FAB) and Oversea-Chinese Banking Corporation (OCBC).
These transactions represent the first of their kind in the Middle East and Southeast Asia. The technology enables 24/7 cross-border payments, bypassing traditional constraints of market hours and weekend closures.
The system utilizes tokenized deposits on a shared ledger to provide instant payment commitment and settlement. This innovation aims to increase international transfer speeds, improve liquidity management, and reduce transaction failures.