Citi and Swift Successfully Test Fiat-to-Digital Currency Payment Settlement

Citi Group and Swift have successfully concluded a trial demonstrating the feasibility of settling payments between fiat currency and digital assets using a unique Payment-versus-Payment (PvP) workflow. This innovative approach leverages Swift’s existing infrastructure with the integration of blockchain connectors, orchestrators, and smart contracts to create a hybrid model that combines both traditional banking and decentralized finance systems.