Mashreq Citi Sibos
Financial institutions are testing tokenized deposits to process continuous international transactions across multiple corporate banking networks. Dubai-based Mashreq completed a live cross-border payment transaction with Citi on 30 September 2026 using Swift’s blockchain ledger infrastructure. This live test connects commercial bank systems with international financial messaging protocols to settle corporate transfers without traditional cutoff windows.
Expanding Cross-Border Transactions Using Tokenized Deposits
The joint trial uses regulated digital funds to settle payments directly between financial institutions. By linking tokenized deposits to Swift’s messaging network, the system aims to improve capital movement across different time zones. Furthermore, corporate treasury teams can use these tools to maintain liquidity outside standard operating hours in the global economy.
“This collaboration with Citi and Swift allows us to explore how next-generation payment capabilities can help clients move money more efficiently across markets and time zones while maintaining the security, resilience and governance standards that global finance depends on.”
Vivek Batra, Head of Global Transaction Banking at Mashreq
The Swift Blockchain Infrastructure Network
Swift designed its shared ledger in collaboration with more than 40 financial institutions. Since announcing platform readiness in July 2026, 17 commercial banks have joined the pilot phase. The Minimum Viable Product stage specifically demonstrates continuous real-time execution across participating banking systems using enterprise software integrations.
The network acts as an orchestration layer connecting participating banks. In addition, the infrastructure maintains standard verification layers for strict compliance and cybersecurity operational requirements.
Institutional Adoption and Regulatory Structure
Commercial banks are exploring tokenized deposits because they represent direct, regulated bank liabilities rather than unbacked digital tokens. Consequently, these instruments function within existing regulatory frameworks, risk compliance guidelines, and clearing protocols across partner markets.
“Together with Mashreq and Swift, we are demonstrating that always-on, interoperable cross-border payments are already a reality. This milestone reflects Citi Services’ strategy to connect traditional payments infrastructure with next-generation digital asset networks.”
Rizwan Shaikh, Head of Services for Middle East and Africa at Citi
Operational Impact on Corporate Treasury
Continuous settlement allows multinational organizations to optimize their cash management strategies. Instead of holding idle balances over weekends, finance teams can transfer working capital instantly to fund operations and manage trade settlements.
