BANGKOK (dpa-AFX) - Citigroup Inc. (C) on Thursday revealed the Siam Commercial Bank, or SCB, a Thai commercial lender, as its first financial institution client to go live with Citi's newly integrated 24/7 US dollar clearing and Citi token service solution.
Through this facility, Citi has enabled near-real-time, round-the-clock, cross-border US dollar payments for its corporate and institutional clients. The lender's clients will now be able to initiate and receive US dollar payments at any time, 24 hours a day, 7 days a week, and 365 days a year.
Citi token services solution leverages a private blockchain to tokenize deposits held within Citi's global network. When integrated with Citi's 24/7 US dollar clearing solution, which connects over 300 financial institutions across over 50 markets, bridges Citi and non-Citi accounts globally.
The first transaction was completed by Phillip Securities Thailand, a subsidiary of PhillipCapital and a client of SCB. Through this new facility, US dollar funds were transferred from a Citi London account maintained by Phillip Capital Inc., another PhillipCapital subsidiary, to the beneficiary account with SCB in Thailand.
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