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Processing Content<\/p>\n The $3.2 trillion-asset U.K.-based bank’s tokenized deposit product allows corporations to move money between their domestic and international accounts, instantly and on-chain. The product is also available in Hong Kong, Singapore, Luxembourg and the U.K., and supports multiple currencies, including euros, U.S. dollars, pounds sterling, Singapore dollar, Hong Kong dollar, and onshore and offshore Chinese Yuan. <\/p>\n “[Our customers’] businesses operate 365, 24\/7. [Payments] need to operate in that same way as well as they become more global,” Tom Halpin, The expansion of the bank’s tokenized deposit service comes as many banks play the waiting game as they decide where to make investments in on-chain products such as Tokenized deposits provide multiple benefits to multinational companies, Inderpreet Batra, a senior partner and managing director at BCG, told American Banker. <\/p>\n “I can’t go outside the bank, but within the bank, I can get a bunch of efficiencies. I can do automation,” Batra said. “The other good thing about tokenized deposits is they are programmable, which means that I can create conditions that say, ‘If my balance in a certain country drops below x, then move money, or this certain day I have this much payroll obligation, so move money exactly when I need to make payroll.” <\/p>\n While “Our first ring is always customer to customer,” Halpin said. “The next ring is our customer to a key counterpart on our network.” <\/p>\n Beyond that, “We also operate in 65 real-time payment systems around the world, so if we don’t have an account with us on our books, in the future, we’re going to be more so looking at, how do we take advantage of our presence globally to move to money where it’s allowed over those private networks at the same pace,” Halpin said. <\/p>\n<\/div>\n