The Siam Commercial Bank Collaborates With Citi to Pioneer 24/7 USD Clearing for Near Real-Time Cross-Border Payments With Citi Token Services

About this update from Scb X Public Company Limited

The Siam Commercial Bank (SCB) and Citi announce SCB as the first financial institution client globally to go live with Citi’s newly integrated 24/7 USD Clearing and Citi Token Services solution. With this, Citi is enabling near real-time, round-the-clock, cross-border USD payments for its corporate and institutional clients. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260708949103/en/ This collaboration is a demonstration of both institutions' commitment to digital innovation as a driver of commercial growth. For The Siam Commercial Bank, the adoption of 24/7 USD Clearing with Citi Token Services represents a strategic investment in next-generation payment infrastructure. For Citi, this is the next milestone in its industry leading 24/7 clearing solutions and digital assets strategy to meet clients’ evolving needs in an always-on world. With Citi’s 24/7 USD Clearing solution, clients will be able to initiate and receive USD payments at any time - 24 hours a day, 7 days a week, 365 days a year – with near-instant settlement, thereby eliminating the friction that has historically limited global payment operations. Citi Token Services leverages a private permissioned blockchain, operating entirely within the regulated banking system, to tokenize deposits held within Citi's global network. When integrated with Citi's 24/7 USD Clearing solution, which connects over 300 financial institutions across more than 50 markets, the result is a frictionless, always-on payment corridor that bridges Citi and non-Citi accounts globally. The first transaction was completed by Phillip Securities Thailand, a subsidiary of PhillipCapital and a client of SCB. Leveraging Citi's enhanced 24/7 USD Clearing capabilities and Citi Token Services, USD funds were transferred from a Citi London account maintained by Phillip Capital Inc, another PhillipCapital subsidiary, to the beneficiary account with SCB in Thailand over a US holiday weekend. This transaction demonstrated how corporates and financial institutions can leverage Citi's integrated solution for cross-border, always-on payments across banks and jurisdictions. Thanawatn Kittisuwan, Head of Transaction Banking, The Siam Commercial Bank, said: "At SCB, we continuously invest in innovative capabilities that help our corporate and institutional clients operate mo...

View stock analysis, news, and events for Scb X Public Company Limited