Citi has announced the expansion of its Citi Token Services (CTS), integrating Euro transactions and extending its operational footprint to Dublin, Ireland, to provide corporate and institutional clients with 24/7, real-time, cross-border liquidity and payment capabilities.
The expansion builds on Citi Token Services’ current operations in financial hubs including the US, UK, Singapore, and Hong Kong, with further market expansions planned. This development follows the integration of Citi Token Services with Citi’s 24/7 USD Clearing platform, which was announced in September, enabling clients to manage funds across time zones and currencies more efficiently.
Since its launch last year, Citi Token Services for Cash has processed billions of dollars in transactions. The solution leverages a private, permissioned blockchain, designed to eliminate traditional banking cut-off times and geographical restrictions, thereby offering instant liquidity and payment options for clients.
Stephen Randall, Global Head of Liquidity Management Services, commented on the expansion: “This expansion highlights our ongoing commitment to continuous innovation in order to meet our clients’ 24/7, global needs. By integrating tokenized deposits with Citi’s existing cash management infrastructure, we’re enabling clients to manage liquidity more efficiently across time zones and currencies, with the connectivity they expect.”
The extension of Citi Token Services to Dublin, Ireland, positions the city as a key liquidity center for Citi’s clients. From Dublin, clients will be able to transfer both USD and Euros around the clock to their accounts and to third-party accounts at other Citi branches globally that are already live on CTS. This aims to address the limitations of traditional banking hours and support corporate liquidity optimization.
Peter Jameson, Head of Services, Europe, noted the regional demand: “Here in Europe, we’re seeing strong client demand for solutions that combine the advantages of tokenization with the scale, security and connectivity of Citi’s global network. This milestone reflects that demand and reinforces Citi’s commitment to facilitating clients’ cross border money movement with greater speed and efficiency.”
This strategic move aligns with Citi’s objective to establish a multi-bank, multi-currency, cross-border network, providing reliable, frictionless, and always-on payment and liquidity solutions globally, subject to regulatory approvals.
