Citi Token Services for Cash goes live
Citi Token Services for Cash processes multimillion dollar transactions and provides clients with 24/7, always-on cross-border liquidity and payments between participating branches
Citi's Token Services for Cash has gone live, enabling institutional clients to move money between branches around the world 24/7.
Citi Token Services for Cash processes multimillion dollar transactions and provides clients with 24/7, always-on cross-border liquidity and payments between participating branches.
It uses a private and permissioned blockchain that is solely owned and managed by Citi, ensuring, says the bank, safety and soundness for clients and ease of use. Clients are not required to hold or manage any tokens to access the services.
Following pilots last year, the service is now live for commercial transactions, with Mars onboard as the first client.
Mayela Stuparitz, global treasury director, Mars, says: "This solution has enabled us to initiate and program instant payments and liquidity movement between our Citi accounts, reducing the friction caused by cutoff times and streamline our transactions by tokenizing cash.
"With Citi’s private blockchain, we can access all the benefits of blockchain, without any complexity or additional risk - our processes, reporting, and operational risk remain identical."
