Citi unveils Citi Token Services, tokenized deposits and smart contracts for institutional clients, after a pilot with Maersk

Citigroup/Citi Token Services

Citi introduced Citi Token Services, which represents client deposits as tokens on a private blockchain that Citi owns and runs. It targets two uses: moving cash between Citi branches at any hour, and automating trade finance with smart contracts. A pilot with Maersk replaced paper guarantees with code that paid out automatically, cutting processing from days to minutes.

• Built by Citi's Treasury and Trade Solutions business; clients need no node of their own.
• Cash pilot: 24/7 liquidity transfers between Citi branches.
• Trade pilot with Maersk and a canal authority digitised bank guarantees and letters of credit.
• Processing time cut from days to minutes in the trade pilot.