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Citi has announced the introduction of Citi Token Services, which will tokenize client deposits. This means they can be sent anywhere in the world in an instant.
The announcement comes as Citi continues to explore blockchain and digital assets.
A New Service For Institutional Clients
Citi Token Services uses blockchain technology and smart contracts to deliver digital asset solutions for Citi’s institutional clients. The service will integrate tokenized services and smart contracts into Citi’s global network, significantly upgrading trade finance and cash management capabilities. According to Citi’s announcement, institutional clients require ‘always-on’ programmable financial services. Citi Token Services can provide cross-border payment liquidity and automated trade finance solutions on a 24/7 basis. Speaking about the service, Global Head of Services Shahmir Khaliq stated,
“Digital asset technologies have the potential to upgrade the regulated financial system by applying new technologies to existing legal instruments and well-established regulatory frameworks. The development of Citi Token Services is part of our journey to deliver real-time, always-on, next-generation transaction banking services to our institutional clients. This development goes hand-in-hand with our industry-leading work on the Regulated Liability Network to create interoperable digital asset solutions on a multi-bank basis.”
Ryan Rugg, the Global Head of Digital Assets for Citi’s Treasury and Trade Solutions Business, stated that the new service would allow institutional clients to use cash, enabling the transfer of funds immediately and efficiently.
“[If] you’re a large multinational client where you have multiple bank accounts in multiple different regions across borders, and you keep buffers of cash in each of these regions, it’s really an inefficient use of cash. If it’s… 5:00 p.m. in the U.S. and 5:00 a.m. in Singapore, but you need to get money there, you can send that immediately, within seconds.”
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Author: Amara Khatri
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