Read the full case study here.
Early on, Citi saw blockchain’s potential to address long-standing challenges in financial markets. So it isn’t surprising that the organization began vetting distributed ledger technology (DLT) over a decade ago. Years of testing and experimentation placed Citi in the perfect position to launch a blockchain-based solution when the opportunity arrived. And soon that opportunity knocked on Citi’s door.
Still, the journey from experimentation to implementation was complex. Citi’s DLT Center for Excellence team partnered with Citi’s Innovation Labs and the firm’s own Services group to understand exactly how blockchain could transform banking with real-time, transparent, programmable, and secure transactions.
Eventually, client priorities, focus efforts, and resources converged, leading to the development of a new near real-time value transfer solution: Citi Token Services for Cash.
The development started with choosing the correct framework. Versatility, interoperability, and security were paramount for Citi and the development team. The team analyzed the available options on the market. After careful evaluation, the team chose Besu as the framework.
After choosing the framework, the next step was building a platform to house all Citi’s digital asset efforts: the Citi Integrated Digital Assets Platform. This integrated platform enables future adoption of digital assets and blockchain capabilities for all business lines and clients in a consistent, cohesive, and controlled way.
With the foundational platform in place, the team could develop and roll out Citi Token Services.
The announcement of Citi Token Services for Cash moving to a live commercial solution in October 2024 marked a turning point in finance. More than just a new tool, the solution redefines how global finance can work by
And for Citi, the launch of Citi Token Services for Cash is just the first step into a future where banking is faster, more efficient, and real-time.
“We are pleased to be able to deliver these advantages to our clients with Citi Token Services for Cash” said Biser Dimitrov, Global Head of DLT Center for Excellence, Citi, adding, “As we continue to drive more innovation in this space, these technologies set us up for continued interoperability within our systems so we can serve our clients well into the future.”
The Linux Foundation Decentralized Trust team worked with Citi on a case study detailing the business and development journey to the launch of Citi Token Services for Cash. It delves into technical decisions, the scale of the project, and ways it is transforming clients’ businesses and the overall industry. The deep dive also highlights what’s next, including an update on Citi Token Service for Trade and additional ideas for expanding the platform, both on the business and technical fronts.
Read the full case study here.