DBS and Citi Complete USD Payment Using Swift’s Digital Ledger
- The transaction marks the second confirmed live use of Swift‘s blockchain ledger.
- This payment was executed over the weekend, showcasing Swift’s capabilities for real-time transactions.
- Both DBS and Citi participated in this transaction using tokenized deposits.
- The initiative aims to compete with digital payment systems that operate continuously without downtime.
This development highlights the ongoing efforts by financial institutions to leverage blockchain technology for enhanced payment solutions. The successful execution of a USD payment through Swift’s digital ledger demonstrates its potential in facilitating instant cross-border transactions.
The recent transaction involving DBS and Citi illustrates the growing adoption of blockchain in traditional banking, with Swift aiming to enhance its competitiveness against other digital payment networks.(Source)
