The Siam Commercial Bank Collaborates With Citi to Pioneer 24/7 USD Clearing for Near Real-Time Cross-Border Payments With Citi Token Services

The Siam Commercial Bank (SCB) has become the first global financial institution to go live with Citi’s integrated 24/7 USD Clearing and Citi Token Services solution. This collaboration enables near real-time, round-the-clock cross-border USD payments, effectively removing traditional operational constraints associated with banking hours and holidays. For the commercial banking sector, this represents a significant advancement in the use of blockchain technology to facilitate frictionless, always-on liquidity management and international fund transfers.

The partnership leverages a private permissioned blockchain to tokenize deposits within Citi’s global network, allowing for instantaneous settlement 365 days a year. By integrating Citi Token Services with a clearing solution that connects over 300 financial institutions across more than 50 markets, the system creates a bridge between Citi and non-Citi accounts worldwide. This infrastructure is designed to meet the evolving needs of corporate and institutional clients who require constant access to global payment corridors in an increasingly "always-on" economy, eliminating the friction that has historically limited global payment operations.

The first live transaction under this new system involved Phillip Securities Thailand, a subsidiary of PhillipCapital and a client of SCB. USD funds were successfully transferred from a Citi London account held by Phillip Capital Inc to a beneficiary account at SCB in Thailand during a U.S. holiday weekend. This transaction serves as a proof of concept for how corporates and financial institutions can leverage integrated digital solutions for cross-border payments across different banks and jurisdictions without being restricted by traditional banking calendars.

Leadership from both institutions emphasized the strategic importance of this digital milestone for the commercial banking industry. Thanawatn Kittisuwan, Head of Transaction Banking at SCB, noted that the use of tokenization simplifies operational constraints for Thai businesses, while Citi’s Mridula Iyer highlighted the interoperability of the solution across different markets and networks. The initiative aligns with the Bank of Thailand’s vision for a modernized, interoperable financial system and marks a significant step in the adoption of programmable payment capabilities within the regulated banking sector.