STARTUP LEGAL23 Sept 2026
UK banks make first interbank transactions using tokenised deposits | Company Business News
Britain's biggest banks have completed the world's first interbank transfers using tokenised deposits, a blockchain-based form of bank money. Lloyds, NatWest and Barclays ran two mortgage deals, while HSBC and others tested a person-to-person payment. Tokenised deposits have the same legal status as ordinary bank deposits. The Bank of England prefers this over privately issued stablecoins. That could mean cheaper, faster payments for businesses.
Key Statutory Highlights
- Lloyds, NatWest and Barclays carried out two mortgage transactions using tokenised deposits, which move money between banks on blockchain.
- A trio of banks including HSBC ran a person-to-person payment that simulated an online marketplace purchase.
- The Bank of England would rather banks innovate with tokenised deposits than with privately issued stablecoins.
Actionable Advice for Taxpayers / Founders:If you handle business or cross-border payments, keep watch on UK Finance's tokenised deposit project and ask your bank whether such pilots could cut your payment costs. Treat it as early-stage testing, not a live service you can sign up for today.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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