Citigroup Launches ‘Citi Token Services’ for Institutional Clients

• Citigroup has introduced Citi Token Services, a private, permissioned blockchain for institutional clients.
• The blockchain provides cross-border payment, liquidity, and automated trade finance solutions.
• Citi Treasury and Trade Solutions (TTS) completed two service prototypes.
• The prototypes involved immediate payments to service providers using smart contracts, reducing transaction processing times.
• The services integrate tokenized deposits and smart contracts into Citi's global network, replacing bank guarantees and letters of credit.
• Clients can transfer liquidity between Citi branches around the clock, reducing frictions related to cut-off times.
• Citi participated in the Regulated Liability Network (RLN) technology, which combines assets and liabilities on a single ledger for atomic settlement.
• The new Citi service utilizes deposit tokens, and JPMorgan is also investigating their use.

The article highlights the introduction of Citi Token Services by Citigroup, which aims to provide efficient solutions for cross-border payments, liquidity, and trade finance. The sentiment is positive as it emphasizes the benefits of the service prototypes and the integration of tokenized deposits and smart contracts.