Citigroup launched Citi Token for payments between corporate clients – Bits Media

Citi Treasury and Trade Solutions announced the Citi Token Services pilot launch for monetary management and trade financing based on blockchain and smart contract technology.

The project team reports, that Citi Token is a derivative of a digital asset, which integrates tokenized deposits and smart contracts of corporate (institutional) customers to the global network of CITI. This will expand the possibilities of managing cash and trade financing tools, The developers promise.

“Smart technologies, used in the pilot project Citi token, Safe and fully automated calculation procedures will provide customers and sellers, what, as expected, will reduce transactions processing time to several minutes ", - reports CITI.

The Citi Token pilot operation should help to work out the technology of “digital financial services based on blockchain”: Test procedures, accompanying transaction payments, movement of liquidity and automated decisions for trade financing.

Earlier, the banking group Citigroup adopted
Participation in a series of experiments of the interbank system of translating SWIFT transfers for the transfer of tokenized assets between various public and commercial blockchains.