SCB and Citi launch 24/7 USD clearing in Thailand
Settlement is near instant, the bank said.
Siam Commercial Bank (SCB) has collaborated with Citi to launch 24/7 USD Clearing services for real-time cross-border payments.
The Thai bank will adopt Citi Token Services’ 24/7 clearing solutions to enable clients to initiate and receive USD payments 24 hours, 7 days a week with near-instant settlement.
Citi Token Services uses private permissioned blockchain, connecting over 300 financial institutions across over 50 markets.
SCB is one of Thailand’s largest commercial banks and is the country’s oldest bank.