Citi is taking its blockchain-based payment system
global. The bank has added Euro transactions and established a new operational
hub in Dublin, broadening the reach of its Citi Token Services (CTS) platform
beyond the US dollar and into Europe’s core financial markets.
Join stablecoin builders in London at the fmls25
Euro Integration Marks Next Phase of 24/7 Payments
According to the company, the addition of Euro transfers allows its corporate
and institutional clients to send funds around the clock, regardless of time
zone or banking hours. The service, already live in the US, UK, Singapore, and
Hong Kong, connects directly to Citi’s branches on the CTS network, enabling
faster settlement and improved liquidity management across borders.
“This expansion highlights our ongoing commitment to
continuous innovation in order to meet our clients’ 24/7, global needs,” commented
Stephen Randall, Global Head of Liquidity Management Services.
“By integrating
tokenized deposits with Citi’s existing cash management infrastructure, we’re
enabling clients to manage liquidity more efficiently across time zones and
currencies, with the connectivity they expect.”
This development builds on Citi’s September
integration of its 24/7 USD Clearing platform with Citi Token Services—an
industry-first move that eliminated many of the constraints of traditional
payments. The initiative aims to deliver real-time money movement “when and
where” clients need it, according to the bank.
Launched in 2023, Citi Token Services for Cash
leverages a private, permissioned blockchain to process billions of dollars in
transactions. The technology replaces traditional cut-off times with continuous
settlement, letting clients access liquidity instantly and move funds globally
at any hour.
Dublin Becomes Key Liquidity Center
Citi’s decision to extend the platform’s footprint to
Dublin underlines the Irish capital’s growing role in the bank’s European
operations. From Dublin, clients can now transfer both USD and Euros to their
own or third-party accounts at other Citi branches worldwide. The move aims to
address the long-standing challenge of liquidity management outside regular
business hours.
Citi’s latest expansion supports its broader ambition
to build a multi-bank, multi-currency payment ecosystem that operates
continuously and without friction. As tokenization moves from concept to
enterprise use, Citi is positioning itself at the forefront of how
institutional clients manage liquidity in a digital-first financial landscape.
This article was written by Jared Kirui at www.financemagnates.com.
Source link
