Today Citi and Thailand’s Siam Commercial Bank (SCB) announced that SCB is the first financial institution client to go live with Citi’s integrated 24/7 USD Clearing and Citi Token Services solution. Citi combined its tokenized deposit platform with its clearing network last September, enabling near real time cross border USD payments around the clock, including interbank. Previously Citi Token Services supported 24/7 cross border transfers, but only between Citi accounts.
In the first transaction, SCB client Phillip Securities Thailand received dollars sent from a Citi London account belonging to affiliate Phillip Capital Inc over a US holiday weekend, while conventional US payment systems were closed.
The two components solve different problems. 24/7 USD Clearing settles interbank payments as book transfers across USD accounts that respondent banks hold with Citi in the United States, allowing payments to proceed outside Fedwire and CHIPS operating hours. Citi Token Services uses a private permissioned blockchain to tokenize corporate client deposits, so clients can mobilize funds held at other Citi branches into the clearing leg at any hour.
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