Citi to Link Blockchain-Based Token Services with USD Clearing for 24/7 Transfers

Citi aims to merge its blockchain platform Citi Token Services with USD Clearing to enable continuous real-time cross-border payments for U.S. and U.K. institutional clients.

167d ago

Summary

Citi plans to merge its blockchain-based Citi Token Services with USD Clearing to offer U.S. and U.K. institutional clients real-time, 24/7 cross-border payments. This integration seeks to enhance payment speed and availability, leveraging both blockchain and traditional infrastructure.

Terms & Concepts

Blockchain Platform: A digital ledger system used to record transactions securely and transparently across a decentralized network.
USD Clearing: A banking process that facilitates the settlement of transactions denominated in U.S. dollars between institutions.
Cross-Border Payments: Transactions where money is sent from one country to another, often involving currency exchange and international settlement processes.