Citi TTS pilots new service for cash management and trade finance
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Citi TTS pilots new service for cash management and trade finance 19 September 2023US Reporter: Frances Jones
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Citi Treasury and Trade Solutions (TTS) has created and piloted Citi Token Services for cash management and trade finance. The pilot demonstrated programmable transfer of tokenised deposits.
The service uses blockchain and smart contract technologies to deliver digital asset solutions for institutional clients.
As part of the initiative, Citi Token Services will integrate tokenised deposits and smart contracts into Citi’s global network, upgrading core cash management and trade finance capabilities.
Citi Token Services will provide cross-border payments, liquidity and automated trade finance solutions on a 24/7 basis.
Citi worked with Maersk to digitise a solution that serves the same purpose as bank guarantees and letters of credit in trade finance. Citi Token Services has also been applied to a global cash management pilot.
Shahmir Khaliq, global head of services at Citi, comments: “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.
He adds: “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.”
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