DBS and Citi have completed a cross-border U.S. dollar payment in minutes, demonstrating that weekend transactions can bypass the delays of traditional banking hours.

Swift's Digital Ledger synchronized payment commitments between the two banks, while settlement continued through existing banking infrastructure. DBS said tokenized deposits — digital representations of commercial bank deposits recorded on blockchain infrastructure — can support corporate liquidity management across markets, time zones, and regular banking hours.

The transaction, carried out on Sept. 5, moved funds between Singapore and the United States using tokenized deposits through Swift's Digital Ledger and took only minutes to complete. It demonstrated cross-border payment processing outside traditional banking hours, with settlement continuing through existing banking infrastructure.

Weekend Payment Cuts Banking Time Gaps

According to DBS, the transaction involved DBS and Citi's New York office, showing how institutions can process USD payments across jurisdictions during weekends. Previously, cross-border payments could take up to two business days. The Sept. 5 transaction was completed in minutes, eliminating delays tied to weekends and differing time zones.

Swift's Digital Ledger synchronizes payment commitments between participating banks. Settlement still occurs through existing banking infrastructure rather than directly on the ledger. That design matters because Swift's messaging network connects thousands of financial institutions worldwide, so banks can adopt blockchain-based coordination without rebuilding the settlement rails they already use.

The setup is aimed at companies operating across multiple markets and time zones, and it allows corporate treasurers to move liquidity between entities and markets outside regular banking hours.

Tokenized Deposits Support Always-On Payments

The transaction comes as institutions examine blockchain-based tools for liquidity and foreign exchange management. According to DBS, 50% of finance leaders surveyed are exploring blockchain capabilities for those functions. Tokenized deposits are distinct from stablecoins and central bank digital currencies: they represent claims on existing commercial bank money, keeping payments within the regulated banking system rather than parallel crypto rails.

Meanwhile, outbound cross-border payments in Asia are projected to reach $24 trillion by 2033, compared with $13.5 trillion in projected 2025 volumes, according to information provided by DBS.

Rachel Chew, DBS chief operating officer and co-head of Digital Assets, highlighted interoperability between banking systems and digital networks. Mridula Iyer, Citi's head of Services for Asia South, said the transaction demonstrated weekend cross-border payments using Swift's ledger.

DBS Expands Its Digital Asset Services

DBS launched DBS Token Services in 2024 as its suite of blockchain-powered banking services. The offering includes DBS Treasury Tokens for treasury and liquidity management, and the bank uses a permissioned blockchain for its treasury token solution.

DBS also remains the only Asian-headquartered bank in Swift's digital ledger core design group, a 12-bank body involved in shaping the ledger's architecture. Its seat in that group positions the bank to help define how shared ledger interoperability standards develop across major currencies.

The Sept. 5 transaction adds a live weekend payment to DBS and Citi's ongoing work with tokenized deposits, connecting Singapore and the United States through Swift's ledger for payment commitments, with settlement continuing through existing banking infrastructure after the digital ledger process. Further live transactions involving additional currencies and banking partners would indicate whether this model moves from pilot demonstrations toward routine commercial use.