Mashreq has collaborated with Citi and Swift to complete a live transaction using Swift’s blockchain ledger infrastructure. The initiative utilises bank-issued tokenised deposits to enable faster, 24/7 cross-border payments. By integrating tokenised assets with existing financial messaging, the project aims to reduce friction, improve liquidity management, and support real-time fund movements for businesses operating across global markets.
The initiative uses bank-issued tokenized deposits to explore faster, cross-border payment capabilities. By connecting tokenized deposits with Swift’s trusted financial messaging infrastructure, the initiative is designed to reduce friction in international payments and has the potential to improve speed, liquidity efficiency and the movement of funds across markets.
The collaboration forms part of Swift’s global initiative. The ledger was designed by more than 40 financial institutions, with 17 banks piloting it for tokenised deposit transactions since Swift announced it was ready for use in July 2026. The Minimum Viable Product (MVP) phase of the ledger is focused on demonstrating 24/7 real-time cross-border payments.
Swift’s ledger provides a shared orchestration layer connecting bank-issued tokenized deposits between participating institutions.
For businesses and financial institutions, the initiative has the potential to unlock new efficiencies in liquidity management and treasury operations. By extending payment availability beyond traditional banking hours, businesses could gain greater flexibility in managing working capital, optimizing liquidity across regions, and responding more quickly to commercial opportunities.
Vivek Batra, Head of Global transaction Banking at Mashreq, said: “At Mashreq, we believe the future of payments will be defined by greater speed, availability and interoperability, delivered through trusted financial infrastructure. This collaboration with Citi and Swift allows us to explore how next-generation payment capabilities can help clients move money more efficiently across markets and time zones while maintaining the security, resilience and governance standards that global finance depends on. As businesses increasingly operate in a digital, always-on economy, the demand for real-time movement of liquidity continues to grow. Participating in this initiative enables us to help shape the future of international payments and ensure our clients are well positioned to benefit from emerging innovations in the global financial ecosystem.”
Rizwan Shaikh, Head of Services for Middle East and Africa at Citi, said: “Together with Mashreq and Swift, we are demonstrating that always-on, interoperable cross-border payments are already a reality. This milestone reflects Citi Services’ strategy to connect traditional payments infrastructure with next-generation digital asset networks, helping deliver 24/7 payment availability and more efficient liquidity mobility for clients.”
The initiative reflects the growing interest across the banking industry in tokenized deposits and their potential role in enhancing financial-market infrastructure. Unlike public digital assets, tokenized deposits represent regulated bank liabilities and are designed to operate within existing banking, compliance and settlement frameworks.
