Seven UK banks complete first tokenized deposit transactions

PYMNTS reported that seven UK banks executed the initial live client dealings with tokenized pound balances, ending the sequence.

UK Finance stated in a Thursday, Sept. 24, press release that the project includes Barclays, HSBC UK, Lloyds Banking Group, Monzo, Nationwide, NatWest and Santander. These operations ran via the Great British Tokenised Deposit platform, a shared industry framework for tokenized commercial bank money built by Quant.

The institutions performed two remortgage finalizations. Within these agreements, held funds were secured and automatically disbursed upon closing. UK Finance noted that this workflow cut down on manual verification and settlement lags.

The collective also handled a consumer marketplace order from an individual vendor. Programmable tokenized deposits held the cash in the purchaser’s account until the items were transferred, lowering transaction risk, per UK Finance.

Jana Mackintosh, managing director of payments and innovation at UK Finance, remarked: “These live transactions show how tokenized deposits can deliver practical, real-world benefits, contingent payments that give customers greater control over their money.”

This trial came after a September 2025 launch announcement. The members intend additional tests to connect tokenized client funds with digital asset settlement.