Citi Token Services will provide payments, liquidity to institutional customers By Cointelegraph
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Citigroup (NYSE:) has introduced Citi Token Services, a private, permissioned blockchain that offers cross-border payments, liquidity and automated trade finance solutions to institutional clients. The new services “will integrate tokenized deposits and smart contracts into Citi’s global network,” according to a statement.
Citi Treasury and Trade Solutions (TTS), which has banking licenses in over 90 countries, has completed two pilots of the service. It worked with Danish shipping company Maersk and an unnamed canal authority on a program that made instant payments to service providers via smart contracts, reducing transaction processing times from days to minutes. The service replaces bank guarantees and letters of credit, the statement said.
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Citigroup (NYSE:) has introduced Citi Token Services, a private, permissioned blockchain that offers cross-border payments, liquidity and automated trade finance solutions to institutional clients. The new services “will integrate tokenized deposits and smart contracts into Citi’s global network,” according to a statement.
Citi Treasury and Trade Solutions (TTS), which has banking licenses in over 90 countries, has completed two pilots of the service. It worked with Danish shipping company Maersk and an unnamed canal authority on a program that made instant payments to service providers via smart contracts, reducing transaction processing times from days to minutes. The service replaces bank guarantees and letters of credit, the statement said.
Continue Reading on Coin Telegraph
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