Citi Token Services Adds Euro Integration, Operations in Dublin

Traditional bank hours and currency conversions are becoming even less of a hindrance for cross-border payments.

Citi has expanded its Citi Token Services (CTS) platform to support euro transactions and opened a new operational center in Dublin.

In a press release Friday (Nov. 7), Citi highlighted that real-time, 24/7 U.S. dollar-euro payment capabilities are available for corporate and institutional clients.

According to the release, CTS uses a private, permissioned blockchain to enable instant liquidity and payment capabilities by eliminating the traditional cutoff times and geographical restrictions for payments commonly found in traditional banking systems. The platform is live in New York, London, Singapore and Hong Kong, and the platform’s expansion into Europe signals broader market growth.

This move follows Citi’s earlier launch of a 24/7 U.S. dollar clearing platform integration.

“Here in Europe, we’re seeing strong client demand for solutions that combine the advantages of tokenization with the scale, security and connectivity of Citi’s global network,” said Peter Jameson, Citi’s head of services in Europe, who works in Dublin.

According to Citi, it has operations in 180 different countries.

“From Dublin, clients will now be able to transfer both USD and euros around the clock to their accounts and those of third-party accounts at Citi branches that are already live on CTS globally, addressing the limitations of traditional banking hours and supporting corporate liquidity optimization,” the release said.

Stephen Randall, Citi’s Global Head of Liquidity Management Services, said, “By integrating tokenized deposits with Citi’s existing cash management infrastructure, we’re enabling clients to manage liquidity more efficiently across time zones and currencies, with the connectivity they expect.”

As PYMNTS reported, banks in the EU are relying more on the U.S. dollar for funding, reaching over 13% of their total funding as of late 2024. So, a reason behind Citi’s expansion could also be mitigating risks and operational challenges related to euro-dollar liquidity demands.

Offering blockchain-enabled, real-time cross-border payments that function even when bank branches are closed or dollar liquidity tightens amidst global market upheavals is an advantage in today’s always-on economy.