News: 2024.04.18
UK Finance said in a statement on Monday that banks including Barclays, Lloyds Banking Group and Citigroup, as well as Mastercard and Visa, are testing tokenized deposits, Bloomberg reported. This new initiative aims to explore the use of blockchain technology to improve the deposit process and increase efficiency and security.
Tokenized deposits are a new type of financial service that convert traditional deposits into cryptographic tokens. By converting deposit amounts into tokens, instant liquidation and cross-border transfers are possible while reducing transaction costs and risks. This will bring more convenient and secure deposit methods to banks and customers.
As an important part of the test, Barclays will explore future financial technology applications through tokenized deposits. The bank hopes to improve customers' deposit experience and strengthen cooperation with other financial institutions through this initiative. This will help drive digital transformation in the financial industry.
In addition to Barclays, Lloyds Banking Group and Citigroup are also actively involved in testing tokenized deposits. The two banks hope to use this new initiative to enhance their financial innovation capabilities and meet customers' needs for more convenient and efficient financial services.
In addition, Mastercard and Visa, leaders in the payments industry, are also involved in testing tokenized deposits. This will help promote the innovative development of the payment industry, improve the efficiency and security of the payment system, and bring a better payment experience to customers.