Tokenised deposits: infrastructure not experimentation will define next phase of bank-to-bank payments

Core Insights - The payments industry is undergoing significant infrastructure modernization, with a focus on tokenised deposits rather than just stablecoins and crypto-assets [1] - Tokenised deposits represent a blend of digital asset programmability and the regulatory framework of traditional banking, potentially transforming interbank fund transfers [2] - The launch of the Cari Network by five US regional banks indicates a practical shift towards using tokenised deposits for modernizing interbank settlements and enhancing operational efficiency [3] Tokenised Deposits - Tokenised deposits are fully regulated and insured banking liabilities in digital form, emphasizing their role in enabling faster settlements and greater operational transparency [4] - The importance of tokenisation lies not just in digitisation but in the operational capabilities it enables, such as automated reconciliation and programmable payment conditions [4] Infrastructure Requirements - Successful implementation of tokenised deposits requires scalable processing infrastructure and interoperability across networks to avoid limited pilot projects [5] - Banks must approach tokenisation as an infrastructure program, integrating it into their core systems rather than treating it as a standalone innovation [5] Modern Payment Environments - The viability of tokenised deposits hinges on whether banks possess the necessary processing architecture for large-scale deployment [6] - Key requirements for modern payment environments include cloud-native infrastructure, real-time clearing and settlement, unified platforms for issuing and acquiring, and advanced reconciliation and compliance tools [7]