Citi’s New York office completed the transaction in just a few minutes through SWIFT. By contrast, traditional cross-border payments can take up to two business days. This transaction eliminates delays caused by weekends and time-zone differences, which can slow payments. The new system allows institutions to transfer money outside traditional banking hours. This capability is intended for companies operating across different jurisdictions, including in e-commerce and digital services.
In July, Citi joined SWIFT’s pilot project for cross-border tokenized deposits. In addition, the institution is part of a group of US banks planning to launch a tokenized deposit network in 2027.