The On-Chain Money Initiative involves a new interoperable payments network that will enable financial institutions of all sizes to clear and settle tokenized deposits transactions, according to the release.
The initiative aims to enable payments that settle immediately, transactions that trigger automatically when agreed conditions are met, and reductions in manual work and delays for banks and their customers, the release said.
Quant’s technology will enable the network’s interoperability, orchestration and transaction-management layer and will provide connectivity to existing fiat payment systems used by financial institutions and their customers. The company’s technology has already been deployed in regulated environments around the world, per the release.
We’d love to be your preferred source for news.
Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!
“The Clearing House has a long history of building and operating trusted payment networks that serve the banking industry,” The Clearing House Chief Strategy Officer Sal Karakaplan said in the release. “Quant brings the technology and expertise needed to support the network, giving financial institutions of all sizes a path to participate.”
Quant Founder and CEO Gilbert Verdian said in the release that this partnership is a key step in the global transition to programmable money and sets the standard for the rest of the world to follow.
“Together with The Clearing House, we’re changing how money works in America, and laying the foundation for programmable money that moves seamlessly across the financial system,” Verdian said.
When announcing the On-Chain Money Initiative in June, The Clearing House said the initiative will support the growing demand for tokenized deposits.
According to the Thursday press release, The Clearing House expects to make the On-Chain Money Initiative available to participating institutions in the first half of 2027.
The tokenized deposit network The Clearing House is building has a plausible path to scale that most tokenization projects lack, The Clearing House President and CEO David Watson told PYMNTS CEO Karen Webster in an interview posted in August.
The project involves the incumbent clearing and settlement infrastructure extending its franchise to a new instrument, which is wholesale tokenized fiat, issued by banks, moving in real time between institutions and across geographies, Watson said.
Add as Preferred Source
