Citi announced that its Citi Token Services for Cash, the bank’s tokenized deposit offering, is now available in euros and to clients Ireland. It started offering 24/7 cross border payments in dollars last year, and is live in the US, UK, Singapore and Hong Kong.
The solution uses a permissioned blockchain and primarily targets corporates looking to move cash around the world, without needing to worry about timezones and cut off times. Citi also supports payments to other banks that are part of its 24/7 USD Clearing solution and have also onboarded to Citi Token Services.
“Here in Europe, we’re seeing strong client demand for solutions that combine the advantages of tokenization with the scale, security and connectivity of Citi’s global network,” said Peter Jameson, Head of Services, Europe. “This milestone reflects that demand and reinforces Citi’s commitment to facilitating clients’ cross border money movement with greater speed and efficiency.”
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