Citi runs live transactions on Swift’s blockchain ledger

Citi has processed live transactions on Swift’s blockchain-based ledger, working with First Abu Dhabi Bank and Oversea-Chinese Banking Corporation, the bank said in a statement dated September 1. Citi described itself as the first US bank to conduct live native transactions on the ledger.

The bank framed the transactions as part of a strategy to provide continuous, cross-currency and interoperable payment services to institutional clients. Conventional correspondent banking arrangements settle within business hours and across multiple intermediary institutions, which can delay cross-border transfers by days.

Swift, the interbank messaging cooperative used by more than 11,000 institutions worldwide, said in July that its shared ledger was ready for initial use. The infrastructure is designed to record and settle transactions among participating banks directly rather than through sequential correspondent relationships.

First Abu Dhabi Bank is the largest lender in the United Arab Emirates, while OCBC is among Singapore’s three largest banks. The pairing gives the initiative coverage across the Middle East and Southeast Asia alongside Citi’s US operations.

Citi is a participant in several digital settlement initiatives running in parallel. The bank was named this week among 21 institutions committing to a joint dollar stablecoin for 2027, and it was the first issuer to adopt Mastercard’s expanded In Control virtual card platform in July.