SCB Pioneers Real-Time Dollar Payments with Citi's 24/7 USD Clearing

Siam Commercial Bank has made waves in the financial world by becoming the first institution to deploy Citi's 24/7 USD clearing and token services. This move marks a significant milestone, allowing SCB to receive and send dollar payments at any time, without manual intervention or settlement delays.

The technology behind this innovation is Citi Token Services, which tokenizes deposits on a private, permissioned blockchain. This means that funds exist as digital representations within Citi's own regulated network rather than on a public chain like Ethereum or Bitcoin's ledger.

The infrastructure connects over 300 financial institutions across more than 50 markets, and Citi's global payments division already moves around $6 trillion daily through its pipes. Tokenized deposit transfers within that system average close to $1 billion per day.