NEW YORK — The Clearing House has selected Quant to provide technology for a planned network that would allow financial institutions to clear and settle transactions involving tokenized deposits, The Clearing House said in a statement.
Quant will provide the layer that coordinates transactions among participating institutions and connects the new network to existing payment systems, including The Clearing House’s RTP real-time payments network and CHIPS wire transfer network.
The Clearing House announced its On-Chain Money Initiative in June. It said the network is designed to let payments settle immediately and allow transactions to execute automatically when agreed conditions are met. The approach could reduce manual processing and delays for banks and their customers, according to the statement.
Tokenized deposits are digital representations of deposits held at financial institutions. The Clearing House said the planned network could be used for corporate treasury operations, liquidity management, cross-border payments and digital asset settlement.
Scaling Technology
“Building interbank infrastructure for tokenized deposits requires proven technology that can scale,” said Sal Karakaplan, The Clearing House’s chief strategy officer. He said the network would give financial institutions of all sizes a way to participate without building a separate network themselves.
The Clearing House said Quant’s technology has been used in regulated projects involving central and commercial banks in the United Kingdom and elsewhere. Quant founder and CEO Gilbert Verdian described the selection as a step toward wider use of programmable money.
The network is expected to become available to participating institutions in the first half of 2027. The Clearing House said it would announce further details about participation and uses as development continues.
The Clearing House said its existing payment networks clear and settle more than $2 trillion a day across wire, automated clearinghouse, check image and real-time payments.
