Siam Commercial Bank Becomes Citi's First 24/7 USD Clearing Client
The Siam Commercial Bank and Citi announce SCB as the first financial institution client globally to go live with Citi's newly integrated 24/7 USD Clearing and Citi Token Services solution. With this, Citi is enabling near real-time, round-the-clock, cross-border USD payments for its corporate and institutional clients. This collaboration is a demonstration of both institutions' commitment to digital innovation as a driver of commercial growth. For The Siam Commercial Bank, the adoption of 24/7 USD Clearing with Citi Token Services represents a strategic investment in next-generation payment infrastructure. For Citi, this is the next milestone in its industry leading 24/7 clearing solutions and digital assets strategy to meet 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. The first transaction was completed by Phillip Securities Thailand, a subsidiary of PhillipCapital and a client of SCB.
