Tokenization moves into production at US banks
US banks are putting tokenization to work across payments, settlement and funds.
A flurry of Q3 earnings calls hosted by major US banks included a range of updates on how the largest financial institutions were using tokenization in production. While the projects themselves span payments, securities settlement, and fund servicing, what they have in common is that tokenized services are being built into banks’ existing systems, instead of replacing them.
At Wells Fargo, which launched tokenized deposits last month, payments are getting “from initiation to beneficiary account
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