Citi and Swift successfully test Fiat-to-crypto payments

Citi and Swift have completed a trial enabling payments from fiat currency to digital assets through a Payment-versus-Payment (PvP) process. The trial demonstrated that transactions can be synchronized between traditional banking systems and digital assets, reducing payment risks.

By leveraging Swift’s existing infrastructure along with blockchain connections, orchestrators, and smart contracts, the experiment showed seamless interoperability between the traditional financial network and blockchain-based systems. This approach allows efficient exchange of both fiat and digital assets, ensuring payments occur simultaneously and securely. The trial marks a significant step forward in integrating traditional finance with digital asset technology, paving the way for faster and more transparent cross-border payments.