Citi Wins American Banker's Innovation of the Year Award

NEW YORK – Citi Token Services has been named American Banker's Innovation of the Year in the On-Chain Finance category. The award recognizes Citi’s leadership in delivering cutting-edge tokenized solutions that provide real-time, 24/7, always-on, next generation transaction banking services for some of the world’s largest global clients.

Launched in 2024, Citi Token Services facilitates multimillion-dollar transactions and provides, always-on cross-border liquidity and payments between participating Citi branches. Citi Token Services for Cash is live in the United States, United Kingdom, Singapore, and Hong Kong branches with transfers in US dollars (USD).

"We’re honored to receive this award – it reflects the significant strides we’ve made to  reshape the future of digital banking by innovating and delivering world-class solutions that evolve with our clients needs,” said Ryan Rugg, Global Head of Digital Assets, TTS. “With its 24/7, always-on capabilities, Citi Token Services is a pivotal innovation that’s redefining the client experience in our real-time world.”

Built on a private and permissioned blockchain that is solely owned and managed by Citi, the platform ensures high standards of safety and soundness for clients. Citi Token Services uses tokenized internal liquidity transfers on a private blockchain that enable corporate clients to move money around our network instantaneously on a 24/7 basis.

“This recognition reflects the trust our clients place in us to deliver a secure, scalable, solution that transforms how liquidity moves across borders” said Ambrish Bansal, Global Head of Liquidity and Cash Concentration Products, Citi. “Citi Token Services is reimagining the way institutions manage cash – increasing speed, reducing friction, and delivering the best client experience for their needs.”

Entries were evaluated by American Banker’s editorial team on demonstrable gains in revenue growth, operational efficiency, customer acquisition or retention, competitive positioning, and broader market influence or digital transformation. Citi’s "Citi Token Services" entry was selected as one of ten inaugural honorees in the On‑Chain Finance category after a competitive review of submissions from U.S. financial institutions and their technology partners across 10 innovation categories.