Citigroup has launched Citi Token Services, a private, permissioned blockchain to provide institutional clients with cross-border payments, liquidity, and automated trade finance solutions. The service has completed two pilots, one with Danish shipping company Maersk and an unnamed canal authority, which enabled instant payments to service providers via smart contracts, reducing transaction processing time from days to minutes. The second pilot enabled clients to transfer liquidity between Citi branches around the clock.Citi is also collaborating with the Federal Reserve Bank of New York on the Regulated Liability Network (RLN) technology, which was introduced in November 2022. RLN infrastructure places assets and liabilities on the same ledger to provide atomic settlement. JPMorgan is also reportedly exploring the use of deposit tokens, which were pioneered in Project Guardian, launched in May 2022 by the Monetary Authority of Singapore.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | 🇩🇰 🇸🇬 |
| Sentiment | neutral |
| Relevance Score | 9 |
| People | JPMorgan., Maersk, Federal Reserve Bank of New York, Ryan Rugg |
| Companies | Citigroup, Regulated Liability Network, JPMorgan., Maersk, Federal Reserve Bank of New York |
| Currencies | None |
| Securities | None |
