Citi, a bank whose Services business provides payment and securities capabilities for corporate and institutional clients, has completed live transactions on Swift’s blockchain-based ledger, becoming the first U.S. bank to conduct live native ledger transactions. The work involves First Abu Dhabi Bank (FAB) and Oversea-Chinese Banking Corporation (OCBC), with DBS and United Overseas Bank (UOB) expected to join the initiative later this month.
The pilot is focused on using shared blockchain infrastructure to support payments across currencies and banks on a 24/7 basis. Citi is integrating the work with existing services including 24/7 USD Clearing, Citi Token Services and Citi Custody+ as it expands its digital asset capabilities across cash and securities.
Citi’s 24/7 USD Clearing service supports more than 300 bank clients globally, while Citi Token Services processes around $1 billion in transactions through its blockchain-based platform. The company said the Swift pilot is intended to connect these capabilities with tokenized multi-bank networks and assets.
The live transactions completed so far include the first in the Middle East region with FAB and the first in Southeast Asia with OCBC. Citi expects to conduct similar transactions with DBS and UOB later this month. The transactions form part of a controlled proof-of-concept phase running from July through December 2026.
Swift’s ledger initiative uses shared blockchain infrastructure to support instant payment commitments through tokenized deposits. Final settlement can still take place through existing models such as real-time gross settlement (RTGS), combining a new transaction layer with established settlement mechanisms.
The model is designed to support payment availability around the clock, faster credit for beneficiaries and improved liquidity efficiency for banks. The broader pilot also covers the potential use of shared infrastructure for tokenized deposits and securities, with the aim of supporting cross-border payments and securities settlement across multiple banking networks.
Rachel Chew, Group Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services at DBS, said: "Initiatives such as the Swift Digital Ledger are bridging traditional banking infrastructures with emerging digital networks. By fostering deeper interoperability across these different ecosystems, we can achieve seamless transactions and establish common standards, which are essential for the wider adoption of tokenized money."
Carmen Chan, Deputy Head of Global Transaction Banking at Singapore’s OCBC, added:
“Our successful live pilot transactions with Citi marks an important step towards enabling bank-issued digital money to move efficiently and securely across borders. For corporates, this could mean faster access to funds, greater payment certainty and improved liquidity management in an increasingly always-on economy. Interoperable shared infrastructure can help connect banking networks across jurisdictions while preserving the trust and reach of the global banking system. We look forward to continuing our collaboration with Swift and our banking partners to advance more efficient, transparent and resilient global payments.”
So Lay Hua, Head of Group Transaction Banking, UOB said, “Our upcoming U.S. dollar transaction with Citi on Swift’s ledger underscores the power of industry collaboration in building the next generation of payment infrastructure. These transactions demonstrate how banks can enable faster, more seamless and interoperable payment flows across markets. As the One Bank for ASEAN, UOB is committed to contributing our regional network and transaction banking expertise to shape the future of payments.”
