DBS, Citi complete real-time Singapore-U.S. dollar settlement using deposit tokens

Singapore’s largest bank DBS and Citi have completed 24/7 real-time cross-border U.S. dollar settlement using deposit tokens, Cointelegraph reported. According to DBS, the two banks successfully processed a U.S. dollar payment between Singapore and the U.S. over the weekend on Sept. 5 using a blockchain-based digital ledger from the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Under the existing system, cross-border payments can take up to two business days.