Wells Fargo will launch tokenised deposits for corporate clients, enabling round-the-clock cross-border payments.
In a media statement, the company said it is joining the major banks increasingly adopt blockchain technology to speed up settlement and modernise corporate payments.
Chief financial officer Mike Santomassimo said the service would make moving money across borders faster and easier for businesses.
“Tokenised deposits will enable Wells Fargo’s corporate and commercial clients to move money between accounts and across borders with greater ease and increased speed and builds on the strength of our established banking infrastructure,” he said.
The US bank said the blockchain-based product would allow corporate and commercial customers to move, programme and settle funds 24 hours a day, seven days a week, while remaining within the regulated banking system.
The service is due to launch this autumn with a limited US dollar to sterling payment corridor before expanding to more clients, countries and currencies throughout 2027.
Wells Fargo said tokenised deposits would be integrated into its existing payments infrastructure and automatically used when they provide faster or more flexible settlement. The platform will also support programmable payments through smart contracts, allowing funds to be released when predefined conditions are met.
The bank added that the deposits would retain the same regulatory protections and deposit insurance eligibility as traditional Wells Fargo deposits.
The move places Wells Fargo alongside rivals JPMorgan and Citigroup in developing tokenised banking products aimed at corporate treasury functions.
Industry interest in tokenised deposits has accelerated as banks seek alternatives to traditional payment rails and compete with digital asset innovations while keeping transactions within regulated frameworks.
Wells Fargo, which manages about $2.3tn in assets, said the new capability is built on its proprietary blockchain platform and could support additional connectivity and currencies in future.
