Anchor DigitalA federally chartered U.S. Bank says it will now support tokenized deposits for regulated banks. Anchorage notes that the service does not require an upgrade to the bank’s existing technology stack, but will provide 24/7 transfers and payments that allow banks to better compete and provide the services consumers and businesses want and need.
While there is a debate about the value of tokenization, Anchorage notes that tokenized repositories represent a significant opportunity to support real-time settlements in a secure and compliant manner. As banks want (and really need) to update their offerings to their users, Anchorage sees an opportunity to add value to existing and new bank customers.
The company says Digital’s Tokenized Deposits The infrastructure takes an approach where the blockchain operates as a parallel ledger, upgrading capabilities without changing the existing one.
Anchorage claims the upgrade means a bank can be up and running in weeks, not years.
Programmable layouts can also be used to improve more complex multi-party use cases. The service is said to be globally interoperable.
Nathan McCauley, Co-Founder and CEO of Anchorage Digital, believes banks have spent decades gaining customer trust and delivering a service that provides a faster, smarter way to manage deposits.
Perhaps a bigger question is whether banks will want to offer a service that customers want, but that may mean they have to give up some of the profits due to the flow of funds, something that hasn’t been needed, sometimes for days or years.
