Citigroup Unveils Private Blockchain Initiative to Digitize Client Deposits: Report

Citigroup, the financial services and banking giant, is set to introduce a private blockchain solution named Citi Token Services, designed to tokenize client deposits and enhance cash management and trade-finance operations by expediting transaction processing. 

Shahmir Khaliq, Citigroup’s global head of services. Emphasized the aim of delivering next-generation transaction banking services to institutional clients with real-time capabilities. This blockchain system, tested successfully with the Federal Reserve Bank of New York. Enables banks to create digital currency for customers, facilitating seamless transactions while maintaining the legal status of deposits. Citigroup’s Ryan Ruggs noted that this initiative would minimize operational frictions and contribute to industry-wide initiatives like the Regulated Liability Network. JP Morgan & Chase is also reported to be exploring similar technologies.

Clever Robot News Desk 19^th September 2023