Citigroup launches Citi Token Services for institutional clients

Citigroup has launched the aviator of its Citi Token Services, a caller level aimed astatine bolstering currency absorption and commercialized concern mechanisms. The institution announced successful a press release that the service leverages blockchain and astute declaration technologies to supply innovative integer plus solutions for organization clients.

Citi Token Services volition integrate tokenized deposits and astute contracts into Citi’s planetary web successful an endeavor to upgrade its halfway currency absorption and commercialized concern capabilities. The services are designed to conscionable the request for ‘always-on’ programmable fiscal services and volition supply cross-border payments, liquidity, and automated commercialized concern solutions astir the clock.

Broader adoption anticipated

The improvement of Citi Token Services is successful enactment with Citigroup’s stated belief that much than a cardinal radical volition beryllium utilizing blockchain technology, apt without knowing it, successful the adjacent six to 8 years. Citigroup had predicted that this wide adoption would beryllium driven by cardinal slope integer currencies (CBDCs) and tokenization.

Citi has been actively investigating its token services with planetary commercialized person Maersk and a canal authorization to digitize services akin to slope guarantees and letters of recognition wrong the commercialized concern ecosystem. This progressive the programmable transportation of tokenized deposits, offering contiguous payments to work providers via astute contracts. Marie-Laure Martin, Regional Treasury Manager for the Americas astatine Maersk, commented connected the palmy trial pilots, stating, “The innovative solution has promising applications for commercialized finance.”

The exertion piloted is expected to supply a afloat integer process to some buyers and sellers, facilitating instant payments and perchance reducing transaction processing times from days down to specified minutes.

Furthermore, the recently launched Citi Token Services has been integrated into a planetary currency absorption aviator aimed astatine enabling clients to transportation liquidity betwixt assorted Citi branches connected a 24/7 basis. Ryan Rugg, Global Head of Digital Assets astatine Citi Treasury and Trade Solutions, emphasized that Citi Token Services could connection firm treasurers a caller instrumentality for managing planetary liquidity connected a programmable basis.

The blockchain exertion utilized successful the work is backstage and permissioned, meaning that it is owned and managed by Citi. As a result, clients volition not beryllium required to big a blockchain node to entree these services. Citigroup’s continued improvement successful integer plus solutions aligns with its ambitions to heighten products and services crossed integer money, trade, securities, custody, plus servicing, and collateral mobility.