Citi and Siam Commercial Bank Utilize Tokenized Deposits for 24/7 USD Payment
- Tokenization Insight
- Jul 14
- 2 min read
Siam Commercial Bank (SCB), one of Thailand's Big Four banks, has become the first financial institution to go live with Citi's integrated 24/7 USD Clearing and Citi Token Services solution.
➡️ Why this matters
Cross-border USD payments still depend on correspondent banking. Banks around the world hold USD accounts with global banks like Citi so they can send and receive USD on behalf of their clients.
Citi operates one of the world's largest USD clearing franchises, connecting more than 300 financial institutions across 50+ markets.
Traditionally, payments moving through these correspondent accounts have been limited by banking hours, market cut-off times and weekends.
Citi is changing that.
By integrating Citi Token Services with its existing USD clearing network, Citi can support near real-time USD payments around the clock. Rather than building a new payment network, it is upgrading the one it already operates.
For SCB, this means its corporate clients can send USD payments through Citi's global network to both Citi and non-Citi accounts—even outside traditional banking hours.
The first live transaction involved SCB customer PhillipCapital transferring USD from its Citi London account to Phillip Securities Thailand's account at SCB over a US holiday weekend.
➡️ The bigger picture
Tokenized deposits' most immediate commercial value may not be replacing correspondent banking. It may be making existing correspondent banking networks operate 24/7.
The latest announcement from SWIFT that combines its new blockchain ledger with existing connectivity with 11,000 global financial institutions underscores the same point.
Instead of requiring banks to join entirely new payment networks, which are hard to establish, tokenized deposits can enhance the infrastructure they already use unlocking always-on payments with far less disruption.
That is a powerful adoption model for the banking industry.
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