Citi Token Services will provide finance solutions to customers
Citigroup has introduced a private blockchain named Citi Token Service, aimed at providing institutional customers with financial solutions related to cross-border payments, liquidity, and automated trade. The newly presented services will connect tokenized deposits and smart contracts with Citi's global network. Citigroup's Treasury and Trade Solutions (TTS) hold banking licenses in over 90 countries and have completed two pilot programs for this service. Working with a Danish shipping company Maersk and the UN’s trade network, TTS drastically reduced transaction processing time by converting days to minutes via instant payments using smart contracts, departing from traditional
banking guarantees and credit letters
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