Citigroup Launches Instant Cross-Border Payments for Japanese Firms Using Blockchain Technology
- Published
- Source
- Nikkei.com
Citigroup is set to provide instant overseas remittance services for Japanese companies utilizing blockchain-based tokenized deposits. This service, expected to launch within the year, will facilitate immediate foreign-currency transfers, even during nights and holidays, marking a significant advancement in financial services for Japan's corporate sector.
This initiative is noteworthy as it represents the first time a foreign financial institution will offer such services specifically tailored for Japanese clients. With Citigroup managing approximately $6 trillion in daily transactions and tokenized deposits reaching around $1 billion, this move could enhance the efficiency of cross-border payments for Japanese businesses.
Looking ahead, industry observers will be keen to see how this service impacts the competitive landscape of financial services in Japan. No further timeline was disclosed at the time of publication.
Original report
Citi to offer instant cross-border payments for Japan firms via blockchain
Nikkei.comThis briefing is an independently written summary based on publicly available reporting and is provided for industry information and news discovery. The original report and source publication are credited and linked where applicable. RobotToday does not claim ownership of third-party source material.
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