BNY Mellon Trials Blockchain Deposits to Overhaul Payments
BNY Mellon is testing blockchain-based tokenized deposits to enable near-instant settlement and reduce transaction costs for its $2.5 trillion payments processing operations.
Issuer
BNY Mellon
Asset
Tokenized deposits
Scale
$2.5T payments processing
Goal
Near-instant settlement and reduced transaction costs
The financial institution aims to overhaul its massive payments processing system by utilizing tokenized deposits that move over a blockchain network. This initiative seeks to achieve near-instant settlement speeds while potentially lowering overall transaction costs for clients.
Original summary by the Intergalactic Newsroom based on the cited source; read the source for full details. Not investment advice.