Mashreq has completed a live cross-border transaction with Citi using Swift’s blockchain-based ledger infrastructure, marking another step toward the development of always-on international payment capabilities.
The initiative uses bank-issued tokenized deposits to test how financial institutions can move funds across borders more efficiently. By linking tokenized deposits with Swift’s established financial messaging infrastructure, the project aims to reduce friction in international payments while improving transaction speed, liquidity management and the movement of funds between markets.
The transaction is part of Swift’s broader global ledger initiative, which is focused on supporting real-time, 24/7 cross-border payments. More than 40 financial institutions have contributed to the development of the ledger, while 17 banks have been involved in pilot programs for tokenized deposit transactions since Swift announced the infrastructure was ready for use in July 2026.
Swift’s ledger acts as a shared orchestration layer, allowing participating financial institutions to connect bank-issued tokenized deposits and coordinate transactions across their respective networks.
For businesses and financial institutions, the technology could create new opportunities for treasury and liquidity management. Around-the-clock payment availability could allow companies to manage working capital across different markets more flexibly, optimize liquidity between regions and respond faster to commercial requirements outside traditional banking hours.
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.”
Batra added that the growing shift toward an always-on digital economy is increasing demand for real-time liquidity movement, with participation in Swift’s initiative giving Mashreq an opportunity to contribute to the development of international payment infrastructure.
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 project comes as banks and financial institutions continue to explore the use of tokenized deposits in financial-market infrastructure. Unlike public cryptocurrencies and other digital assets, tokenized deposits represent claims on regulated banks and are intended to operate within existing banking, compliance and settlement frameworks.
For Mashreq, the transaction adds to its broader work in digital assets and next-generation payment technologies as financial institutions explore new approaches to cross-border settlement.
About Mashreq
Mashreq is a Dubai-headquartered financial institution serving retail customers, entrepreneurs, corporates and institutional clients across the UAE and international markets. The bank operates across retail banking, corporate and investment banking, global markets, transaction banking, Islamic banking, wealth management and treasury.
Mashreq has an international presence spanning the UAE, Oman, Qatar, Kuwait, Bahrain, Egypt, Pakistan, Türkiye, India, the UK, the US and Hong Kong. The bank combines digital banking capabilities with relationship-based financial services and focuses on supporting businesses and individuals across regional and international markets.
