BNY Mellon Explores Tokenized Deposits To Speed Up Payments

BNY Mellon, one of the world's largest custodians with $55.8 trillion in assets under management, is actively exploring tokenized deposits to enhance payment efficiency through blockchain technology. The initiative aims to modernize the bank's infrastructure, enabling real-time, instant, and cross-border transactions.

Carl Slabicki, head of BNY Mellon's Treasury Services platform, emphasized that tokenized deposits could help banks overcome legacy system limitations. This technology promises to streamline deposit and payment movements within internal ecosystems, with potential expansion to broader markets as industry standards evolve.

The bank's treasury services currently process approximately $2.5 trillion in daily payments, positioning it as a significant player in the adoption of blockchain-based financial solutions.