Citi Introduces Blockchain Token Services for Institutional Finance
Citi announces the pilot of Citi Token Services, a blockchain and smart contract-based solution aimed at transforming institutional cash management and trade finance....
- Citi Treasury and Trade Solutions (TTS) has introduced Citi Token Services, a new service aimed at enhancing institutional clients' cash management and trade finance capabilities.
- The service utilizes blockchain and smart contract technologies to integrate tokenized deposits and smart contracts into Citi's global network.
- Citi aims to meet the increasing demand for financial services that are available 24/7 and can be programmed.
- The service offers cross-border payments, liquidity management, and automated trade finance solutions on a 24/7 basis.
- Citi collaborated with Maersk and a canal authority to digitize solutions that serve the same purpose as traditional bank guarantees and letters of credit.
- The technology used in the pilot is expected to significantly reduce transaction processing times from days to minutes.
- Citi Token Services is a private and permissioned system owned and managed by Citi, and clients do not need to host a blockchain node to access the services.
The article highlights the introduction of Citi Token Services, which is portrayed as a positive development that aims to enhance cash management and trade finance capabilities for institutional clients. The collaboration with Maersk and the potential reduction in transaction processing times are also positive aspects. Overall, the sentiment is optimistic.