Citi Treasury and Trade Solutions, on Sept 19, announced the creation and piloting of its token service, named Citi Token Services, to deliver digital asset solutions for the bank’s institutional clients.
Citi Token Services, which leverages blockchain and smart contract technologies, will integrate tokenised deposits into the bank’s global network and upgrade its core cash management capabilities. Clients will not be required to host a blockchain node to access these services.
According to Citi, institutional clients have a need for “always on”, programmable client services, which will be fulfilled by Citi Token Services’ round-the-clock services for cross-border payments and liquidity solutions.
“The digital asset technology advancements have the potential to elevate the existing market infrastructure to the next level of real-time, 24/7 enabled solutions. We see Citi Token Services as an important milestone in Citi’s journey in providing smart and scalable real-time treasury solutions to our clients, whilst adhering to the regulatory and compliance requirements,” says Anoushka Dua, head of Citi Treasury and Trade Solutions for Singapore and Asean.
“We see a growing global demand for real-time treasury solutions, driven primarily by digital transformation challenging existing treasury and operating models. The commercial teams of our clients are now increasingly requiring their treasury partners to support them with real-time and 24/7 liquidity to effectively fund their evolving operating flows,” says Stephen Randall, global head of liquidity management services at City Treasury and Trade Solutions. “Leveraging on the Citi Token Services for cash solutions, we believe Citi will be able to support these evolving client needs.”
