Citi launches Token Services for Cash for institutional clients

It is expected to facilitate multi-million dollar cross-border liquidity and payments.

Citi’s has launched the Token Services for Cash as a live commercial solution, the bank said in a press release.

The service is expected to facilitate multi-million-dollar transactions for Citi’s institutional clients.

It promises to provide clients with 24/7, always-on cross-border liquidity and payments between participating Citi branches.

Already, it has facilitated pilot transactions in partnership with shipping agents CB Fenton and GAC Panama Shipping.

The service was designed using a private and permissioned blockchain that is solely owned and managed by Citi. Clients are not required to hold or manage any tokens to access the services, the bank said.

“By using Distributed Ledger Technology (DLT) and smart contracts, Citi has created a patented programmable payment and liquidity platform, which will reduce costs and streamline processes” said Ryan Rugg, head of digital assets, Treasury and Trade Solutions, Citi.