Citi has completed live transactions on Swift’s blockchain-based ledger, marking a major step in the bank’s efforts to develop always-on, cross-currency and interoperable payment capabilities for institutional clients.
The transactions make Citi the first U.S. bank to conduct live native ledger transactions as part of Swift’s global blockchain initiative. The bank carried out the activity in collaboration with First Abu Dhabi Bank and Singapore-based Oversea-Chinese Banking Corporation, known as OCBC.
Citi’s live transactions demonstrate how shared blockchain infrastructure could support continuous cross-border payments and settlements without relying on traditional banking cut-off times or weekend operating restrictions.
The initiative forms part of Citi Services’ broader strategy to expand digital asset capabilities across cash and securities. It builds on services including 24/7 USD Clearing, Citi Token Services and Citi Custody+, which are designed to provide real-time payment, securities and collateral management capabilities for corporate and institutional customers.
Citi said its 24/7 USD Clearing service currently supports more than 300 bank clients globally, while Citi Token Services processes about $1 billion in transactions through its blockchain-based platform.
Live Blockchain Transactions Mark Regional Milestones
The transactions completed with Citi’s banking partners also represent regional milestones. The transaction conducted with FAB was the first live transaction under the initiative in the Middle East, while the operation with OCBC represented the first in Southeast Asia.
The pilot is intended to demonstrate whether distributed ledger technology can support payment and settlement activity continuously throughout the year. Traditional financial infrastructure often operates according to established processing windows, creating delays for transactions initiated outside business hours or during weekends and holidays.
Swift’s blockchain ledger seeks to address some of those limitations by providing shared infrastructure for financial institutions. The system is designed to support instant payment commitments through tokenized deposits while retaining established settlement mechanisms, including real-time gross settlement for final settlement.
The proposed model could provide banks with continuous service availability, faster credit to beneficiaries and more efficient liquidity management.
Citi Expands Digital Asset Strategy
Debopama Sen, Citi’s head of payments within its Services business, said the bank’s participation reflects its effort to help develop a more efficient and interoperable financial system. She indicated that the pilot would allow Citi and its banking partners to examine how shared ledger technology could connect payments, liquidity and collateral movement while maintaining client requirements at the center of the development process.
Citi’s participation is also part of a wider push to connect traditional financial infrastructure with tokenized assets and digital money. The bank expects to conduct similar transactions with additional banking partners, including DBS and United Overseas Bank, later in September.
The initiative is scheduled to operate as a controlled proof-of-concept from July through December 2026. Its results could help determine how shared blockchain infrastructure might eventually be incorporated into broader banking and settlement systems.
FAB has successfully completed live USD transactions at scale as part of Swift’s Ledger Minimum Viable Product (MVP), using tokenised deposits and Swift smart contract settlements to enable 24/7 cross-border payments.
Completed bilaterally with Citi, the transaction validated… pic.twitter.com/K8P7ZzGkaK
— FAB Connects (@FABConnects) September 3, 2026
Banks Explore Interoperable Digital Money
DBS has also backed the broader objective of connecting conventional banking systems with emerging digital networks. Rachel Chew, group chief operating officer and co-head of digital assets for Global Transaction Services at DBS, said initiatives such as Swift’s digital ledger could help establish interoperability and common standards between different financial ecosystems.
OCBC said its successful live transactions with Citi represented progress toward enabling bank-issued digital money to move across borders more efficiently and securely. The bank indicated that such infrastructure could give corporations faster access to funds, greater payment certainty and improved liquidity management.
The shared infrastructure model could allow banks to connect payment networks across jurisdictions while maintaining the established trust and reach of the global banking system.
UOB is also preparing to conduct a U.S. dollar transaction with Citi through Swift’s ledger. So Lay Hua, head of group transaction banking at UOB, said the planned transaction would demonstrate the importance of cooperation among financial institutions in developing next-generation payment infrastructure.
The expanding pilot underscores the growing interest among major banks in blockchain-based systems that can connect traditional currencies, tokenized deposits and securities markets. If the technology proves scalable, interoperable ledger infrastructure could become an important component of faster cross-border payments, securities settlement and institutional liquidity management.
