Major Financial Players Unite: Barclays, Citi, Mastercard, and Visa in UK Tokenized Deposits Pilot
Leading banks and credit card giants. Including Barclays, Citigroup, Mastercard, and Visa, have joined a tokenized deposits pilot project initiated by UK Finance.
The initiative, known as the “Regulated Liability Network,” aims to establish a robust commercial banking system for tokenized deposits and securities, streamlining cross-border transactions and enhancing security by minimizing errors and fraud. The network utilizes a shared ledger to facilitate tracking, transferring, and settling transactions across various forms of money. Quant’s CEO, Gilbert Verdian, emphasizes the importance of programmable payments for banks, foreseeing increased efficiency and flexibility in business models.
The pilot’s outcomes will be disclosed in August, with plans to onboard more participants, including fintech startups and tech firms, in July to explore tokenized commercial bank money products. Additionally, the platform envisions applications in asset management and mortgage settlement using programmable funds.
Clever Robot News Desk 18th April 2024
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