Citigroup (NYSE:) has launched Citi Token Companies, a personal, permissioned blockchain that provides cross-border funds, liquidity and automatic commerce finance options to institutional shoppers. The brand new providers “will combine tokenized deposits and good contracts into Citi’s world community,” in accordance with a assertion.
Citi Treasury and Commerce Options (TTS), which has banking licenses in over 90 nations, has accomplished two pilots of the service. It labored with Danish delivery firm Maersk and an unnamed canal authority on a program that made instantaneous funds to service suppliers by way of good contracts, decreasing transaction processing instances from days to minutes. The service replaces financial institution ensures and letters of credit score, the assertion mentioned.
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