Correspondent banking has run the same way for decades. Money typically moves between banks through a chain of intermediaries, and payments pause on weekends and holidays. That is finally starting to change, and Citi’s Swift blockchain ledger transactions this week are a bright illustration.
Citi announced on September 2, 2026, that it had processed live US dollar transactions on Swift’s blockchain-based ledger. The banking group was working with First Abu Dhabi Bank (FAB) in the Middle East and Oversea-Chinese Banking Corporation (OCBC) in Southeast Asia. These were the first live transactions on the ledger in each of those two regions. Citi says it is the first US bank to conduct live transactions on the network. In the future, the institution expects to run similar transactions with two more banks, DBS and United Overseas Bank (UOB). Those might arrive as soon as later this month.
“Our upcoming U.S. dollar transaction with Citi on Swift’s ledger underscores the power of industry collaboration in building the next generation of payment infrastructure. These transactions demonstrate how banks can enable faster, more seamless and interoperable payment flows across markets. As the One Bank for ASEAN, UOB is committed to contributing our regional network and transaction banking expertise to shape the future of payments.”
So Lay Hua, Head of Group Transaction Banking, UOB
Citi already runs a 24/7 USD clearing solution for more than 300 bank clients and processes roughly $1 billion through its own Citi Token Services platform. Layering Swift’s shared ledger on top means tokenized money could soon move not just within Citi’s own network, but across multiple banks’ ledgers using shared, interoperable infrastructure.
The creator of the blockchain ledger that powers these transactions is Swift. The latter is the messaging network that more than 11,000 banks use to instruct cross-border payments. Historically, it just moved messages, not money itself, but has transformed over the years.
Swift’s new shared ledger lets banks issue tokenized money — a digital representation of a bank deposit, and move it across a common blockchain-based infrastructure. Citi describes the goal as “always-on” payments. That means settlement that is not restricted by traditional cut-off times or weekend closures, because tokenized money can move continuously, with final settlement still completed through existing systems.
“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.”
Rachel Chew, Group Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services at DBS
Swift confirmed in July 2026 that 17 banks across six continents, including Citi, HSBC, DBS, UOB, FAB, and OCBC, were preparing to pilot live transactions on the same shared ledger. Citi’s transactions with FAB and OCBC are the first live results from that group, and the planned rollout to DBS and UOB later this month points to a regional pattern. Two of Southeast Asia’s largest banking groups and a major Middle East lender are being brought onto the same rail in sequence, which suggests correspondent banking corridors are being converted to blockchain settlement one region at a time, not all at once. At the same time, the final vision is interconnected global payment architecture.
“Our successful live pilot transactions with Citi marks an important step towards enabling bank-issued digital money to move efficiently and securely across borders. For corporates, this could mean faster access to funds, greater payment certainty and improved liquidity management in an increasingly always-on economy. Interoperable shared infrastructure can help connect banking networks across jurisdictions while preserving the trust and reach of the global banking system.”
Carmen Chan, Deputy Head of Global Transaction Banking at Singapore’s OCBC
