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 collaborates with Citi to pioneer 24/7 USD Clearing  for near real-time cross-border payments with Citi Token Services

This collaboration is a demonstration of both institutions' commitment to digital innovation as a driver of commercial growth. For SCB, the adoption of Citi Token Services with 24/7 USD Clearing represents a strategic investment in next-generation payment infrastructure. For Citi, this is the next milestone in our industry leading 24/7 clearing solutions and digital assets strategies to meet our clients’ evolving needs in an always-on world.

With Citi’s 24/7 USD Clearing solution, clients will be able to initiate and receive USD payments at any time—24 hours a day, 7 days a week, 365 days a year— with near-instant settlement, thereby eliminating the friction that has historically limited global payment operations.

Citi Token Services leverages a private permissioned blockchain, operating entirely within the regulated banking system, to tokenize deposits held within Citi's global network. When integrated with Citi's 24/7 USD Clearing solution, which connects over 300 financial institutions across more than 50 markets, the result is a frictionless, always-on payment corridor that bridges Citi and non-Citi accounts globally.

Mr. Thanawatn Kittisuwan, Head of Transaction Banking, The Siam Commercial Bank, said: "At SCB, we continuously invest in innovative capabilities that help our corporate and institutional clients operate more efficiently in an increasingly global and connected business environment. Through our collaboration with Citi, we are the first bank in Thailand to leverage tokenization to enhance cross-border USD capabilities, helping our clients simplify operational constraints and conduct their international business activities with greater flexibility."

Ms. Mridula Iyer, Asia South Head of Services at Citi said: “Our enhanced 24/7 USD Clearing solution integrated with Citi Token Services, is an industry-first that bridges traditional and digital rails to expand our suite of always-on client solutions.  It furthers our ‘network of networks’ approach as we build capabilities that are interoperable so that they are multi-bank, multi-market and multi-network. This gives our clients the optionality they need, now and for the future, as the global financial infrastructure continues to rapidly evolve.”

This milestone marks a significant step forward in Thailand's digital financial infrastructure, bringing the power of blockchain-enabled, programmable payment capabilities to Thai businesses and financial institutions. It also furthers Thailand's broader digital economy agenda, supporting the Bank of Thailand's vision for a modernized, interoperable financial system that can compete on the global stage.

About The Siam Commercial Bank

The Siam Commercial Bank PCL (SCB) is one of Thailand's largest and most established commercial banks, with a comprehensive suite of financial products and services for retail, SME, corporate, and institutional clients. The Siam Commercial Bank is committed to digital transformation as a core pillar of its commercial strategy, investing in innovative financial technologies to deliver superior value to its clients and contribute to Thailand's digital economy.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services. 

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