Citi Token Services Qorus-Infosys Finacle Banking Innovation Awards 2025 - Winner

Citi Token Services is designed to provide multinational clients with 24/7, always-on cash management and trade services solutions. Treasury departments are under increasing pressure to improve operational efficiency, make smarter and faster decisions, and mitigate risks. Within current settlement systems, they continue to face pain points with impacts to liquidity optimization and payment speeds. Additionally, in the trade industry, the operational processes for these traditional instruments are still heavily paper-based and require a significant number of manual processes. In response, Citi’s Treasury and Trade Solutions (TTS) has developed Citi Token Services, an innovative solution delivering next-generation real-time treasury and trade working capital finance services that are digital, 24/7, and always-on. TTS sits within the Services business, which provides tailored cash management, working capital solutions, and post-trade securities services to multinational corporates, financial institutions, and municipalities.

Citi is developing tokenized bank liability solutions for two specific use cases. This includes Citi Token Services for Cash which uses tokenized internal liquidity transfers on the blockchain that enable Citi clients to move money between their accounts around our network instantaneously on a 24/7 basis. The client experience is seamless, with transfer made in the usual way through existing channels, and no need to hold tokens. The transfer of tokens happens in Citi’s back-end infrastructure, facilitating the quicker settlement of regular Fiat currency between participating locations. The United States, United Kingdom, Singapore and Hong Kong corridors are live with transfers in USD. We intend to add more corridors, currencies, and automate the transfers (subject to regulatory and internal approvals). In October 2024, Citi announced Citi Token Services for Cash as a live commercial solution. There are dozens of clients enabled on Citi Token Services for Cash, moving multimillions through the platform.

Citi Token Services for Trade leverages the same movement of money as described but adds a smart contract to enable a conditional payment mechanism. Citi successfully completed live pilot transactions for the transit of real vessels with a canal authority and a shipping company agent in Q2 2024, removing paper documentation through a secure method that delivers speed and cost efficiency. We intend to explore additional use cases and ecosystems (subject to regulatory and internal approvals). For now, the Citi Token Services for Trade solution has been piloted only in North America.