Citi and Swift Complete Successful Test of Fiat-to-Digital Payment System
Citi and Swift have successfully concluded a joint trial demonstrating seamless settlement between fiat and digital currencies using a Payment-versus-Payment (PvP) model. The experiment, conducted in Singapore, Leveraged Swift's existing messaging infrastructure enhanced with blockchain connectors and smart contracts.
The November 14, 2025 test proved traditional banking systems can synchronize with blockchain-based wallets, creating a unified workflow for hybrid transactions. "This bridges two worlds," said Citi's Head of FX Products Ayesa Latif, noting the significance of blockchain integration with legacy finance.
Swift's Jonathan Ehrenfeld emphasized the network's role as an interoperability layer, allowing participants to access tokenized environments through familiar channels. The trial marks a critical step toward institutional-grade infrastructure for digital asset settlement.
