The transaction settled in minutes on Sept. 5, versus the industry norm of up to two business days for cross-border USD payments. It is the second confirmed live transaction on Swift's blockchain ledger, after HSBC and Standard Chartered's first live transfer in August. Swift launched the ledger in July with 17 banks. According to DBS, weekend settlement gaps between Asia and the US cost companies money in delayed supplier payments and frozen working capital, as payments initiated on a Friday otherwise wait until Monday.

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