Seven UK banks complete the world's first cross-bank tokenized deposit customer transaction

TechFlow reports that on September 25, according to CoinDesk, seven major UK banks—Barclays, HSBC, Lloyd’s Banking Group, Monzo, Nationwide, NatWest, and Santander—completed the world's first cross-bank customer transaction using tokenized sterling deposits on a shared platform built by Quant.

The transaction covered remortgage payments and consumer payment testing, aimed at verifying whether regulated bank deposits can circulate between different banks in a tokenized format. The next phase will test using tokenized customer deposits to settle digital assets.