SOURCE: FINTECH FUTURES
https://www.fintechfutures.com/tokenisation/wells-fargo-outlines-tokenised-deposits-launch-for-corporate-payments
Wells Fargo outlines tokenised deposits launch for corporate payments
The new solution, launching this Autumn using Wells Fargo’s proprietary blockchain platform, will allow clients to move funds between accounts, subsidiaries, and counterparties with constant availability.
Tyler Pathe,Senior Reporter, FinTech Futures
August 7, 2026
Wells Fargo has unveiled a new solution that will let corporate and commercial clients make cross-border and account-to-account payments in USD and GBP using tokenised deposit technology.
The service will launch a limited US dollar-to-British pound exchange this Autumn, with plans to “expand over the course of 2027 to more clients, countries, and currencies”, according to a statement this week.
Wells Fargo is using its own blockchain platform, first piloted under a digital cash initiative in 2019, to route payments through tokenised deposits, and support internal custodial wallets and inter-chain connectivity.
Participants will be able to use the service to move funds between accounts, subsidiaries, and counterparties with constant availability. Wells Fargo smart contracts add additional programmability.
According to CFO Mike Santomassimo, previously of JP Morgan and BNY Mellon, corporate and commercial clients will “be able to take advantage of this capability without experiencing any change to how they interface with Wells Fargo”.
Related:Lloyds tests tokenised deposits for live cross-border wholesale payments
Santomassimo describes the development as “an important step forward as we expand payment options, including on-chain solutions”, noting that it “builds on the strength of our established banking infrastructure”.
Wells Fargo was one of the 17 banks that signed up to pilot live transactions using Swift’s new blockchain-based ledger in July. This pilot will focus on exploring how tokenised deposits can interact globally with multi-bank network rails.
Another bank participating in the Swift trials is HSBC, which previously worked with Wells Fargo back in 2021 on a shared ledger to settle multi-currency foreign exchange (FX) transactions using blockchain technology.
Wells Fargo is also collaborating with other major financial institutions on a shared interbank tokenised deposit network managed by The Clearing House, as announced by the payments company in June.
Slated for a mid-2027 launch, this utility network will connect individual bank ledgers with traditional payment systems, including RTP and CHIPS, allowing Wells Fargo to settle tokenised deposits with other banks.
