Citigroup introduced a deposit tokenization service for institutional clients
The Citi Token Services solution converts clients' assets into digital tokens that can be instantly sent anywhere in the world
Citigroup has launched a deposit tokenization service specifically designed for its institutional clients. This offering, known as Citi Token Services, allows clients to convert their assets into digital tokens, enabling swift global transfers.
Shahmir Khaliq, who heads Citigroup's services division, highlighted the development of Citi Token Services as a testament to the bank's commitment to providing cutting-edge, real-time banking solutions to institutional clients.
Traditional cross-border money transfers often encounter delays stemming from disparities in payment systems and banking procedures across different nations. However, the utilization of blockchain technology in this new service ensures instantaneous settlements.
Citigroup operates a private blockchain for this purpose, ensuring secure and efficient transactions. Customers won't need to create their own digital wallets; instead, they can access the service through the bank's existing systems.
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