The transaction between Singapore and New York showcases how blockchain-based infrastructure could support faster international fund transfers.

DBS and Citi have completed what the banks said was the first successful cross-border US$ payment between Singapore and us using tokenised deposits on the Swift Digital Ledger. The payment was completed within minutes, compared with the industry norm of up to two business days for cross-border transactions Executed between DBS and Citi’s New York office on 5 September, the transaction took place over a weekend, illustrating how cross-border payments can be processed beyond conventional