Citi has become the first US bank to process live transactions on Swift’s blockchain-based ledger, as banks test whether shared infrastructure can support always-on, cross-border payments and improve liquidity management.
The transactions were completed with First Abu Dhabi Bank (FAB) and Oversea-Chinese Banking Corporation (OCBC), marking the first transactions on Swift’s ledger in the Middle East and Southeast Asia respectively.
Citi said it expects to complete similar transactions with additional participating banks, including DBS and United Overseas Bank (UOB), later this month.
The initiative is part of a wider pilot running from July to December 2026 that is exploring how shared ledger technology can support payment commitments across currencies while connecting digital and traditional financial infrastructure.
Swift’s ledger uses blockchain technology to record payment commitments and is designed to support tokenised deposits, while final settlement can continue through established mechanisms such as real-time gross settlement (RTGS).
The model is intended to enable payments and settlement activity around the clock, potentially allowing recipients to receive funds more quickly while giving banks greater visibility and control over liquidity.
The pilot forms part of Citi’s broader digital asset strategy within its Services division, which provides cash and securities services to corporate and institutional clients. The bank’s existing digital asset and payments offerings include 24/7 USD Clearing, Citi Token Services and Citi Custody+.
Citi’s 24/7 USD Clearing service currently supports more than 300 bank clients globally, while Citi Token Services has processed close to $1bn in transactions through its blockchain-based platform.
Citi head of payments, services Debopama Sen said, “We are proud to be a leader in this pivotal initiative, working alongside Swift and our esteemed bank collaborators to continue to transform the landscape of always-on payments, settlements and liquidity. This pilot represents a crucial step in exploring how we can leverage the power of shared ledger technology to create a more efficient, interoperable, and always-on global financial system that supports both payments and collateral movement. Our active engagement in the design and execution of Swift’s ledger MVP ensures that our clients’ interests are at the forefront as we shape the future of interoperability between digital and traditional currencies.”
DBS group chief operating officer and co-head of digital assets, global transaction services Rachel Chew added, “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.”
The pilot brings together established banks and Swift to test how blockchain-based infrastructure can operate alongside existing banking networks rather than replacing them.
For Citi, the transactions add to its existing work across digital payments and tokenised financial infrastructure, while giving the bank a role in testing how shared ledgers could support cross-border payment and liquidity requirements.
The initiative also reflects growing interest among financial institutions in tokenised money and blockchain infrastructure as potential tools for improving the speed, availability and interoperability of international payments.
Swift’s ledger pilot will continue through December 2026, with participating banks expected to conduct further transactions as the initiative progresses.
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