Citi Integrates Blockchain for 24/7 USD Clearing
Citi has revealed plans to integrate its blockchain-based Citi Token Services with 24/7 USD Clearing, initially for institutional clients in the US and UK. This move signals a significant shift towards embracing continuous settlement cycles in the financial industry.
The integration addresses persistent inefficiencies in global finance caused by traditional wire transfer systems. It aims to bypass legacy processes and provide a streamlined payment system without downtime. This approach reflects Citi's pragmatic use of blockchain, focusing on infrastructure improvements rather than speculative models.
Citi's expansion into real-time USD Clearing is expected to benefit institutional clients in the US and UK the most. It enables instant cross-border payments around the clock, aligning with growing institutional demand for faster and more reliable settlement. The adoption of blockchain in high-value institutional banking highlights its potential to reshape back-end systems, where security, efficiency, and speed are paramount.
Citi's integration of Citi Token Services with USD Clearing is a strategic move that positions the bank to provide uninterrupted transaction capabilities. This initiative may encourage other global institutions to accelerate similar blockchain adoption, driving further innovation across the financial sector. The integration is initially available for institutional clients in the US and UK, with plans to expand to additional countries in the future.
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