Mashreq has completed a live transaction with Citi on Swift‘s blockchain ledger. It used bank-issued tokenised deposits as part of a Swift initiative to explore faster cross-border payments.

By linking these deposits with Swift’s messaging network, the collaboration aims to reduce friction in international payments.

The bank added that it could also improve speed, liquidity efficiency and how funds move across markets.

More than 40 financial institutions helped design the ledger. Swift announced it was ready for use in July 2026, and 17 banks have since been piloting it for tokenised deposit transactions.

In its minimum viable product (MVP) phase, the ledger aims to show that cross-border payments can run in real time, 24/7.

The ledger works as a shared layer that connects tokenised deposits between participating institutions.

“As businesses increasingly operate in a digital, always-on economy, the demand for real-time movement of liquidity continues to grow,”

said Vivek Batra, Head of Global Transaction Banking at Mashreq.

“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,”

said Rizwan Shaikh, Head of Services for Middle East and Africa at Citi.

The initiative reflects growing interest among banks in tokenised deposits. Unlike public digital assets, these deposits are regulated bank liabilities.

They are designed to work within existing banking, compliance and settlement frameworks.

For Mashreq, the collaboration builds on its focus on digital assets and emerging payment technologies.

Featured image: Edited by Fintech News UAE, based on image by Mashreq via its Press Release.