DBS Bank | Press Release

DBS and Citi partner to enable instant 24/7 cross-border USD payments with tokenised deposits

Companies that transact in USD across different jurisdictions and time zones will now have the ability to execute cross-border payments without the constraint of traditional banking hours.

This was made possible with the first successful USD payment between Singapore and the United States executed over a weekend. The transaction, completed by DBS and Citi’s New York office on 5 September 2026, was executed using tokenised deposits via the Swift Digital Ledger.

The transaction took minutes to complete, marking a significant improvement from the industry norm of up to two business days for cross-border payments, as companies no longer lose days to time zone and weekend gaps.

For institutions operating in round-the-clock borderless industries like e-commerce and digital services, this provides greater certainty and faster access to cash for suppliers and customers. In addition, corporate treasurers can respond more effectively to changing market conditions by moving liquidity across entities and markets at a moment’s notice.

Amid market volatility and expansion into new markets, institutions are seeking smarter ways to manage liquidity and foreign exchange (FX) risk to build resilience. According to DBS’ New Realities, New Possibilities report, 50% of finance leaders are exploring blockchain-powered capabilities as part of their liquidity and FX management toolkit.

In addition, the capability helps meet growing demand for cross-border transactions in Asia, with the region’s outbound cross-border payments projected to surge to USD 24 trillion by 2033, almost double that of 2025 volumes (USD 13.5 trillion).

The transaction builds on DBS’ expertise in tokenised money and payments as the bank continues to expand its complete suite of digital asset solutions. In 2024, the bank launched DBS Token Services, its suite of blockchain-powered banking services that enables 24/7, programmable, secure and instantaneous value transfers. This includes DBS Treasury Tokens, the bank’s treasury and liquidity management solution powered by its permissioned blockchain. In addition, DBS is the only Asian-headquartered bank in the Swift digital ledger core design group of 12 banks shaping its architecture.

Source: DBS Bank
Date: 09.09.2026