Position summary:

The VP, Enterprise & Digital Platforms is accountable for the strategy, governance, delivery, operation, and continuous improvement of the company’s core enterprise and digital technology platforms within a regulated financial payments environment. The portfolio includes ServiceNow, Workday, Salesforce, SAP Ariba, the corporate website powered by Storyblok, Shopify, and enterprise observability capabilities including Dynatrace.

This role combines enterprise platform leadership, process engineering, workflow automation, observability, IT asset lifecycle management, digital experience, operational resilience, and technology risk management. The VP will ensure platforms are secure, resilient, cost-effective, well-controlled, integrated, and aligned with business growth.

Operating within a lean technology organization, this leader will balance strategic leadership with hands-on engagement and partner closely with Technology, Operations, Finance, HR, Procurement, Sales, Marketing, Risk, Compliance, Security, Legal, and Audit.

Essential Functions and Responsibilities:

Enterprise & Digital Platform Strategy

Define and execute the enterprise platform strategy, roadmap, and investment priorities aligned with company growth, business objectives, regulatory requirements, and risk appetite.
Provide executive technology ownership and governance for ServiceNow, Workday, Salesforce, SAP Ariba, Storyblok, Shopify, Dynatrace, and associated capabilities.
Establish clear standards for platform ownership, architecture, integration, security, data, configuration, customization, lifecycle management, and controls.
Drive simplification of the technology landscape by reducing unnecessary applications, integrations, customization, and technical debt.
Establish an out-of-the-box-first, configuration-over-customization approach across strategic SaaS platforms.
Maintain a pragmatic multi-year roadmap balancing business demand, innovation, risk, technical debt, cost, and available resources.

Platform Ownership & Business Enablement

ServiceNow: Lead strategy across ITSM, ITOM, ITAM, CMDB, service mapping, workflow automation, event management, and related enterprise capabilities.
Workday: Partner with HR to optimize employee lifecycle processes, workflow, reporting, data quality, controls, and employee experience.
Salesforce: Partner with commercial teams to improve CRM, customer lifecycle management, sales effectiveness, service, workflow automation, and customer insights.
SAP Ariba: Partner with Finance and Procurement to improve sourcing, purchasing, supplier management, spend visibility, controls, and source-to-pay processes.
Storyblok / Corporate Website: Partner with Marketing and Communications to deliver secure, high-performing, accessible, and flexible corporate digital experiences.
Shopify: Provide technology leadership for digital commerce capabilities, ensuring appropriate security, scalability, payment integration, and operational controls.

Process Engineering, Automation & AI

Lead process engineering and optimization initiatives across the platform portfolio, identifying manual processes, control gaps, service failure points, and opportunities for standardization.
Design scalable and auditable workflows integrating business, service, asset, customer, employee, and operational data.
Leverage native platform automation capabilities before introducing additional applications or custom development.
Identify high-value opportunities to apply AI, generative AI, and intelligent automation across employee, customer, procurement, sales, and technology workflows.
Partner with Security, Risk, Compliance, Legal, and Data teams to ensure appropriate governance of AI-enabled capabilities.
Measure automation and AI investments through productivity, service, customer experience, risk-reduction, and financial outcomes.

IT Asset Management, Observability & Operational Resilience

Provide governance over hardware, software, cloud, virtual, and other technology asset lifecycle processes within ServiceNow.
Ensure asset information supports CMDB integrity, service mapping, security, financial management, license compliance, and operational decision-making.
Partner with Finance, Procurement, Security, and Vendor Management to improve asset utilization, cost transparency, and software license optimization.
Establish the enterprise approach to observability, monitoring, event management, and service health.
Own ServiceNow ITOM Event Management capabilities, including event ingestion, correlation, prioritization, noise reduction, and automated response.
Integrate Dynatrace and other monitoring technologies with ServiceNow to provide application, infrastructure, service, and digital-experience visibility.
Ensure monitoring and observability support incident management, root-cause analysis, business continuity, disaster recovery, and operational resilience.

Architecture, Integration & Data

Establish practical architecture and engineering standards across the enterprise platform portfolio.
Promote secure, reusable, API-first integration patterns and reduce fragile point-to-point integrations.
Establish standards for identity and access, data exchange, integrations, APIs, environments, and platform configuration.
Ensure platform data is accurate, governed, and available for operations, reporting, analytics, automation, and AI.
Partner with Architecture, Cybersecurity, Infrastructure, Data, and Engineering teams to maintain a scalable target-state architecture and manage technical debt.

Security, Risk & Compliance

Embed security, regulatory, privacy, risk, and audit requirements into platform architecture, workflows, integrations, and lifecycle processes.
Partner closely with Cybersecurity, Risk, Compliance, Legal, Privacy, Internal Audit, and external auditors.
Ensure effective identity and access management, privileged access, segregation of duties, data protection, change controls, and audit trails.
Support audits, risk assessments, regulatory examinations, and remediation activities with appropriate documentation and system evidence.
Support applicable requirements including PCI DSS, SOX, SOC, data privacy, and internal technology-control standards.
Ensure critical platforms meet established business continuity, disaster recovery, and operational resilience requirements.

Delivery & Operational Excellence

Accountable for platform availability, performance, reliability, security, and supportability.
Establish appropriate SLAs, SLOs, KPIs, operational dashboards, and escalation procedures.
Oversee demand intake, prioritization, solution design, development, testing, release, and post-implementation validation using pragmatic Agile/SDLC practices.
Ensure upgrades, patches, and releases receive appropriate testing, validation, security review, and business sign-off.
Drive effective incident, problem, change, release, and root-cause management.
Balance delivery speed with appropriate security, risk, regulatory, and operational controls.

Team, Vendor & Financial Leadership

Build and lead a lean, high-performing enterprise and digital platforms organization with clear accountability and strong business alignment.
Develop platform owners, administrators, developers, analysts, and process engineers while determining the appropriate balance of internal capabilities and external partners.
Manage strategic SaaS providers, systems integrators, managed service providers, consultants, and technology partners.
Hold vendors accountable for service quality, security, delivery, contractual obligations, cost, and business outcomes.
Partner with Finance and Procurement on licensing, renewals, negotiations, and investment decisions.
Optimize license utilization and total cost of ownership while avoiding excessive vendor dependency.
Develop talent, succession plans, and a culture of ownership, collaboration, continuous improvement, and accountability.

Stakeholder Engagement & Performance Management

Serve as a trusted technology advisor to senior business and technology leaders.
Translate business, operational, financial, security, and regulatory requirements into scalable technology capabilities.
Communicate platform health, resilience, risk, delivery, investment priorities, and cost optimization to executive leadership.
Establish meaningful KPIs covering platform reliability, asset and CMDB health, event quality, process automation, delivery performance, security and audit findings, adoption, vendor performance, and cost.
Use platform and observability data to drive problem management, root-cause analysis, optimization, and continuous improvement.

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Additional responsibilities include:

Work closely with internal and external partners to guarantee continuous infrastructure availability

Suggest and implement continuous improvement, automation efforts across the end user ecosystem.

First contact to stakeholders and clients pertaining to user support requests.

Provide technical advice and industry best practices related to end user computing technologies.

Perform special projects and initiatives as assigned

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Qualifications Required:

Bachelor’s degree in Computer Science, Information Technology, Engineering, Business, or a related field, or equivalent professional experience.
Typically 12+ years of progressive technology experience, including significant leadership responsibility for enterprise applications, SaaS platforms, infrastructure services, or digital technology.
Technology leadership experience within financial services, payments, fintech, banking, insurance, or another regulated environment.
Strong experience with ServiceNow and enterprise service management, with broader experience across enterprise SaaS and digital platforms.
Experience with several of the following or comparable technologies: ServiceNow, Dynatrace, Workday, Salesforce, SAP Ariba, Storyblok, and Shopify.
Strong understanding of ITSM, ITIL, ITOM, IT Asset Management, CMDB, observability, operational resilience, workflow automation, and service lifecycle management.
Strong understanding of SaaS architecture, integrations, APIs, identity and access management, data, cloud, and cybersecurity principles.
Experience operating within technology risk, security, audit, and regulatory-control frameworks.
Experience managing technology vendors, systems integrators, managed services, licensing, and technology investments.
Demonstrated ability to lead complex initiatives and teams in a fast-paced environment with competing priorities.
Strong strategic thinking, problem-solving, executive communication, and stakeholder-management skills.
Ability to travel up to 20%, as required.

Key Skills

IT Asset Lifecycle Management
ServiceNow–Dynatrace integration
Process engineering and workflow automation
Event correlation and noise reduction
Risk, financial, and control design
Operational resilience and service lifecycle management

Qualifications Desired:

ServiceNow CSA (required); CIS, CAD, ITOM, ITAM, or GRC certifications preferred
Hands-on experience with ServiceNow
Hands-on experience with Dynatrace observability platforms
Financial services experience (banking, payments, insurance, or capital markets)
Experience supporting audits and regulatory exams
Technical Project Management Experience

Proficient with the MS Office Suite with a focused ability to create concise and compelling presentations in PowerPoint in a demanding and quick paced environment (Flash Reports in PowerPoint, Excel Workbooks, etc.)

Collaborative team player with the ability to connect across groups with proven ability to influence stakeholders

Demonstrates commitment to excellence anticipating needs, mitigating risks and minimizing challenges

Strong attention to detail

Communicates crisply and candidly

Proficient in multiple infrastructure disciplines and functions

Experience with agile methodologies.

Experience working across large infrastructure environments and distributed across multiple data centers

Physical Demands and Work Environment: The working environment is generally favorable. Lighting and temperature are adequate, and there are no hazardous or unpleasant conditions caused by noise, dust, etc. Work is generally performed within an office environment, with standard office equipment available. Travel may be required. Candidates will report to the office three days each week. Onsite work requirements may change at any time.

The anticipated annual salary range for NY-based candidates is $200,000 - $250,000. Base salary will be determined by the role, experience, skill set and location. For eligible positions, discretionary incentive compensation may be awarded contingent on personal and company performance. Our benefits program includes medical, dental, vision, life insurance, 401(k) plan with company contribution and company match, tuition reimbursement and more.

About The Clearing House: The Clearing House Payments Company L.L.C. is a bank-owned industry utility that shapes the payments landscape and provides infrastructure for safe, reliable, and efficient payments. We see an economy where everyone is connected and a future where modern payments make life easier. The Clearing House operates four payment systems: a high-value wire-transfer system (the CHIPS® network), the country’s first and largest instant payments system (the RTP® network), an automated clearinghouse network (the EPN® network), and a check image exchange network (the Image Exchange Network). TCH also operates a bank account number tokenization service, runs a payments association known as the TCH Payments Authority, and maintains the rules for private-sector check image exchange through its ECCHO® business line.

About the company

What The Clearing House Payments Company L.L.C. does: It operates core payments infrastructure in the United States, handling settlement and clearance of more than $2 trillion every business day across wire transfers, ACH, check image, and instant payments. It runs the RTP network, launched in 2017, which enables immediate clearing and settlement of payments and the secure exchange of related payment information on the same channel. The company is the only private-sector operator for instant payments, ACH, and wire in the U.S., handling about 98% of instant payments volume and roughly half of all commercial ACH and wire activity. Its affiliate, The Clearing House Association L.L.C., is a nonpartisan banking trade association that provides advocacy and thought leadership on payments issues.

Company Size

201-500

Company Stage

N/A

Total Funding

N/A

Headquarters

New York City, New York

Founded

N/A

Get referred to The Clearing House

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Simplify's Take

What believers are saying

Seventeen banks, including JPMorgan and Citi, committed to the H1 2027 launch.
Tokenized deposits target treasury, liquidity, cross-border, and digital-asset settlement demand.
RTP still moves far more volume than FedNow, preserving TCH's instant-payments relevance.

What critics are saying

FedNow reached 1,725 banks and credit unions by September 2026, pressuring RTP adoption.
The tokenized-deposit network lacks a public ledger design, operating rules, and launch certainty.
If stablecoins capture payments first, banks bypass TCH and standardize elsewhere.

What makes The Clearing House unique

Owns RTP and CHIPS, clearing over $2 trillion daily across 25 major U.S. banks.
September 24, 2026 Quant partnership adds tokenized-deposit interoperability without abandoning existing fiat rails.
June 5, 2026 initiative positions TCH as banks' shared on-chain settlement utility.

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Benefits

Hybrid Work Options

Company News

MarketReview

Oct 4th, 2026

New RTP operating rules take effect at The Clearing House.

New RTP operating rules take effect at The Clearing House. The Clearing House's Oct. 4 RTP rulebook introduces a One-Leg-Out framework for cross-border-linked payments and updates requirements for RTP messages used with Zelle. Published October 4, 2026 · 1:42 PM ET New operating rules for The Clearing House's RTP network take effect Sunday, Oct. 4, adding a framework for One-Leg-Out payments and changing how certain Request for Payment messages tied to Zelle are handled. The update arrives only days after another RTP rulebook revision took effect on Sept. 30, making the Oct. 4 edition the latest set of operating requirements for participants in the U.S. instant-payments network. The Clearing House lists the Oct. 4 operating rules and a companion summary of changes in its RTP document library. The same library also lists "Requirements for RTP Zelle Messages" with an Oct. 4 effective date. The changes are aimed at extending the rule framework to payment flows with an international endpoint while also refining requirements around RTP messages used to clear and settle eligible Zelle activity. The most consequential change is the new One-Leg-Out, or OLO, framework. In this structure, the RTP network carries the U.S. leg of a payment in which the payer or payee is outside the United States. The framework does not turn RTP into a foreign-currency settlement system. Rather, it creates rules for the domestic RTP portion of a broader payment flow that begins or ends abroad. One-Leg-Out rules start with an early-adopter period. The Oct. 4 effective date does not mean every RTP participant must immediately support all One-Leg-Out activity. The change summary establishes an early-adopter period running from Oct. 4, 2026 through March 30, 2028. During that period, the OLO framework applies to participants that choose to opt in. That gives financial institutions time to build, test and govern the operational and compliance processes needed for payment flows connected to an overseas payer or payee. A broader obligation arrives later. Beginning March 31, 2028, all RTP participants are required to be able to receive inbound OLO payments under the new framework. Receiving-participant requirements for certain On Behalf Of payment flows are also scheduled to take effect on that date. The phased timetable is important because it separates the legal effective date of the framework from the point at which inbound OLO receipt becomes a network-wide requirement. For banks, the distinction matters operationally. Cross-border-linked instant payments can require additional information to move with the U.S. payment leg, and institutions still have to apply their own sanctions, anti-money-laundering, customer-identification and other compliance controls. The RTP rules govern use of the network; they do not displace the broader legal and regulatory obligations that attach to an international payment relationship. The OLO framework also fits a wider industry push to make instant-payment infrastructure useful beyond purely domestic person-to-person transfers. RTP already supports commercial, treasury, account-to-account and disbursement use cases. A governed U.S. leg for payments with an international endpoint gives participating institutions another way to incorporate instant settlement into correspondent or cross-border payment services without treating the foreign leg as if it settled on RTP itself. Zelle-related RTP messages get updated requirements. The second material part of the Oct. 4 change concerns Requests for Payment that are RTP/Zelle messages. The Clearing House's document library now lists a dedicated set of "Requirements for RTP Zelle Messages" effective the same day as the new operating rules, and the change summary identifies updates to the rules governing these requests. Zelle and RTP are separate networks. Early Warning Services operates Zelle, while The Clearing House operates RTP. Financial institutions have nevertheless been able to use RTP as an optional route to clear and settle eligible Zelle payments since 2021. That arrangement can pair Zelle's customer-facing payment experience with RTP's real-time interbank clearing and settlement. Request for Payment messaging is part of that broader capability. An RfP does not itself pull funds from an account. It is a message asking the recipient to authorize and send a payment, consistent with RTP's credit-push model. Updating the rules for requests that are specifically RTP/Zelle messages therefore affects how participating institutions format, process and govern a particular class of messaging rather than changing RTP into a debit network. The Oct. 4 materials should be read alongside The Clearing House's technical specifications and other schedules because the operating rules establish the legal and operational framework while detailed message requirements govern implementation. For institutions that route Zelle-related activity over RTP, the practical work is likely to sit with payments operations, compliance teams and technology providers responsible for message construction and processing. The new rules land on a much larger RTP network. The rule change comes as RTP is handling substantially more traffic and value than it did only a few years ago. The Clearing House reported 371.4 million RTP payments totaling about $1.47 trillion through August 2026. Average daily value over that period was roughly $6.06 billion, compared with about $3.98 billion for full-year 2025. The network had more than 1,357 participants as of August. RTP operates around the clock and supports individual payments of up to $10 million. Funds are cleared and settled in real time with finality, and the network also carries ISO 20022 messaging that can travel with the payment. Those characteristics make rule changes more than administrative housekeeping: changes can affect how banks configure payment products, screen activity, exchange data and allocate responsibility across direct participants and service providers. The Oct. 4 edition also includes clarifying, conforming and cleanup changes beyond the OLO and Zelle-related provisions. Those edits are less visible to end users but still matter to institutions that map internal procedures, vendor documentation and controls directly to rulebook sections. Participants therefore have to distinguish between provisions that are effective immediately, provisions that apply only when they opt into the OLO early-adopter framework, and requirements with the later March 31, 2028 compliance date. For customers, Sunday's rule change will not necessarily produce a new button or service overnight. The more immediate impact is on the institutions and technology providers that build products on RTP. The OLO framework creates a path for broader cross-border-linked use, while the Zelle provisions tighten the rules around an existing connection between two major U.S. payment services. The next major deadline is March 31, 2028, when inbound OLO receipt becomes a requirement for all RTP participants.

Ajoobz

Sep 26th, 2026

The Clearing House picks Quant for US tokenized deposit network.

The Clearing House picks Quant for US tokenized deposit network. September 25, 2026 - By NewsBTC - Original The Clearing House partners with Quant to develop a tokenized deposit network, enhancing interoperability for U.S. financial institutions by 2027. Confidence: 80% Horizon: medium-term Key numbers. * Over $2 trillion in daily transactions facilitated by The Clearing House * Access for participating institutions expected in the first half of 2027 Market drivers (micro). * Increased demand for efficient transaction management in banking * Growing interest in blockchain technology for financial applications * Need for interoperability between traditional and digital financial systems Context (macro). * Shift towards digitalization in the financial sector * Regulatory developments supporting blockchain integration in banking Who wins / who loses. * Winners: Financial institutions that adopt the new network will benefit from enhanced efficiency. * Losers: Traditional banking processes may face disruption as digital solutions gain traction. Scenarios. Base The tokenized deposit network will successfully integrate with existing payment systems, enhancing transaction efficiency for banks. Alt The initiative may face regulatory hurdles or technical challenges, delaying its implementation. What to watch next. * Updates on the development timeline for the tokenized deposit network * Reactions from financial institutions participating in the initiative * Regulatory responses to the integration of blockchain in banking Full analysis. The Clearing House selects Quant for US tokenized deposit network. The Clearing House has recently announced its selection of Quant to spearhead the development of a tokenized deposit network aimed at enhancing interoperability and transaction management within the U.S. financial system. This initiative is a significant step towards integrating blockchain technology into traditional banking operations, allowing financial institutions to clear and settle tokenized deposits while maintaining connections to existing payment systems. What is the on-chain money initiative? The on-chain money initiative is designed to incorporate tokenized deposits into the core infrastructure of the U.S. financial system. The Clearing House, which facilitates over $2 trillion in daily transactions across various payment methods, aims to leverage Quant's technology to create a seamless experience for participating banks. Key features of the initiative. * Interoperability: Quant will provide the necessary technology to ensure that tokenized deposits can move efficiently between financial institutions. * Integration with Existing Systems: The initiative will connect tokenized deposits with established payment rails, such as Real-Time Payments (RTP) and CHIPS, allowing banks to utilize both traditional and blockchain-based systems. * Programmable Payments: One of the most exciting aspects of this initiative is the potential for programmable bank money, which could enable automatic payment execution based on predefined conditions. Timeline and expectations. The Clearing House anticipates that participating institutions will gain access to this new network in the first half of 2027. This timeline indicates that the project is still in the development phase, rather than being a live consumer payment network at this time. Implications for the banking sector. If successful, this initiative could revolutionize how banks operate by allowing them to combine existing payment infrastructure with programmable on-chain money. This would eliminate the need for banks to choose between traditional payment systems and innovative blockchain solutions, creating a more integrated financial ecosystem. In conclusion, the partnership between The Clearing House and Quant represents a significant advancement in the integration of blockchain technology within the traditional banking sector. As the project progresses, it will be crucial to monitor its development and the impact it may have on the future of financial transactions in the U.S.

PR Newswire

Sep 24th, 2026

The Clearing House partners with Quant to advance the On-Chain Money Initiative.

The Clearing House partners with Quant to advance the On-Chain Money Initiative. Sep 24, 2026, 09:00 ET The Clearing House will use Quant's technology to bring on-chain capabilities to its tokenized deposit clearing and settlement network for financial institutions NEW YORK, Sept. 24, 2026 /PRNewswire/ - The Clearing House announced the selection of Quant, a leading provider of programmable money infrastructure, to power its On-Chain Money Initiative, a new interoperable payments network that will enable financial institutions of all sizes to clear and settle tokenized deposit transactions. Quant's technology will enable the network's interoperability, orchestration, and transaction-management layer that coordinates the clearing and settlement of tokenized deposit transactions, while providing connectivity to existing fiat payment systems that financial institutions and their customers use every day, including the RTP(R) and CHIPS(R) networks. Announced in June, the On-Chain Money Initiative responds to growing demand from businesses and financial institutions for greater speed, automation, and flexibility in how money moves. It aims to enable payments that settle immediately and transactions that trigger automatically once agreed conditions are met, reducing manual work and delays for banks and their customers. Quant has a proven track record of delivering on-chain capabilities in production and at scale. Its technology has already been deployed in regulated environments, working with central and commercial banks in the UK and around the world. "Building interbank infrastructure for tokenized deposits requires proven technology that can scale," said Sal Karakaplan, Chief Strategy Officer of The Clearing House. "The Clearing House has a long history of building and operating trusted payment networks that serve the banking industry. Quant brings the technology and expertise needed to support the network, giving financial institutions of all sizes a path to participate." "This marks a defining step in the global transition to programmable money," said Gilbert Verdian, Founder and Chief Executive Officer of Quant. "Tokenized deposits are now the de facto way banks move money on-chain, and The Clearing House sits at the heart of the U.S. banking system, meaning this partnership sets a standard for the rest of the world to follow. Quant is uniquely positioned to lead this transition. We've been building the technology that connects blockchain networks and regulated financial institutions since the earliest days of this industry. Together with The Clearing House, we're changing how money works in America, and laying the foundation for programmable money that moves seamlessly across the financial system." Tokenized deposits are digital representations of a financial institution deposits, which retain the protections and regulatory oversight of a traditional deposit, but are recorded and moved differently. Tokenized deposits move automatically within rules institutions set in advance. For businesses, this means liquidity and payments processed around the clock. For financial institutions, it means joining a shared network rather than building one alone. The On-Chain Money Initiative is designed to create new opportunities across corporate treasury, liquidity management, cross-border payments, and digital asset settlement. The network is expected to become available to participating institutions in the first half of 2027, with additional details on participation and use cases to be announced as development progresses. About The Clearing House The Clearing House operates U.S.-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and real-time payments. It is the nation's most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. The Clearing House revolutionized U.S. payments by introducing the RTP(R) network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. About Quant Quant is the only company with proven, production-grade capability to connect blockchain networks and regulated financial institutions at scale. Our technology makes money programmable, enabling banks, capital markets firms, and financial institutions to coordinate money and asset flows around the clock, settling tokenized deposits seamlessly, automatically and securely. Quant operates across regulated programs worldwide and, through our Tokenized Deposits-as-a-Service solution, commercial banks of any size can issue and move tokenized deposits without building new infrastructure themselves. Built on a decade of blockchain heritage and deep expertise across global payments and capital markets, Quant is defining the future of money. SOURCE The Clearing House

CryptoSlate

Aug 27th, 2026

Smart AI deposits could soon force banks to raise loan rates for everyday borrowers.

Smart AI deposits could soon force banks to raise loan rates for everyday borrowers. A sensitivity case shows how faster, programmable switching could reduce banks' interest-rate capacity in 10-year equivalents, not loan balances. Editor-in-Chief - CryptoSlate Aug. 27, 2026 Quick take. * 01 A Dallas Fed analysis says AI-directed accounts could rapidly move deposits, weakening the stable funding banks use for long-term credit. * 02 A sensitivity case found a 10% increase in deposit price sensitivity could reduce banks' duration-risk appetite by about $700 billion. * 03 The impact remains uncertain, with banks potentially turning to costlier wholesale funding or holding more liquid assets as tokenized deposits develop. AI-directed bank accounts could move deposits rapidly among banks, weakening a funding advantage that helps finance long-term credit, according to a Federal Reserve Bank of Dallas analysis published Aug. 25. Although customers can withdraw demand deposits at any time, balances tend to remain at banks for years, and deposit rates usually rise by less than market rates. That makes deposits behave partly like long-duration funding. The Dallas Fed approximates their effective duration as weighted average life multiplied by one minus the deposit beta, which measures how responsive deposit rates are to short-term rates. Instant settlement would let yield-sensitive customers switch banks quickly, while programmable rules and agentic AI could automate the move. In June 2026, The Clearing House announced an initiative to develop 24/7, interoperable tokenized commercial-bank money, including automated and agentic-commerce uses. Using commercial-bank balance sheets as of July 15 and its own duration assumptions, the Dallas Fed estimated about $7 trillion of asset-side interest-rate exposure in 10-year equivalents. Roughly $5.84 trillion was supported by the duration characteristics of deposits other than large time deposits. In plain terms, those stable funding characteristics help banks hold assets whose values are sensitive to interest-rate changes. In one sensitivity case, what the authors describe as a 10% increase in deposit price sensitivity, assuming a four-year weighted average life, reduced aggregate duration-risk appetite by about $700 billion in 10-year equivalents. A separate 10% reduction in weighted average life cut modeled maturity-transformation capacity by about $580 billion. A 10-year equivalent converts an exposure into the interest-rate risk of a comparable position in 10-year Treasuries, but the credit effect would depend on how banks adjust their assets and funding. Banks could issue more term debt to keep lending composition closer to unchanged, but the Dallas Fed said wholesale funding would likely raise borrowing costs for consumers and businesses. They could also hold more reserves and Treasuries against faster, less predictable outflows, leaving less room for illiquid credit. A 2025 Central Bank of Brazil paper found that heavier use of the Pix instant-payment system increased liquid-asset holdings and reduced liquidity transformation, evidence that instant payments can alter bank liquidity behavior even though Pix is not a direct comparison with US tokenized deposits. Tokenized deposits remain early in development, the magnitude is uncertain, and the authors said their views should not be attributed to the Dallas Fed or the Federal Reserve System.

Block385

Aug 21st, 2026

HSBC and Standard Chartered run first live Tokenized Deposit transfer on SWIFT's blockchain ledger.

HSBC and Standard Chartered run first live Tokenized Deposit transfer on SWIFT's blockchain ledger. Aug 21, 2026 - 00:45 HSBC and Standard Chartered executed the first live tokenized deposit transaction on SWIFT's blockchain-based ledger, the two banks said on August 19, six weeks after the network opened to an initial cohort of 17 banks. Payment messages moved between HSBC's Tokenized Deposit Service (TDS) and Standard Chartered's own tokenized deposit infrastructure, with the resulting obligations recorded on both banks' systems. SWIFT's ledger worked as an orchestration layer, matching and netting the obligations between the two institutions before final settlement ran through existing payment rails. "HSBC's interoperability transaction with Standard Chartered via SWIFT is a landmark moment for the promise of tokenised deposits," said Lewis Sun, Head of Digital Currencies at HSBC. Mark Willis, Head of Emerging Payments, Transaction Services and Digital Assets at Standard Chartered, noted that "tokenized deposits are a key pillar of Standard Chartered's digital assets strategy, which aims to build end-to-end solutions." Ledger runs on Hyperledger Besu. SWIFT says the ledger MVP is built on open-source foundations, using an Ethereum Virtual Machine-compatible architecture based on Hyperledger Besu, and that it is designed to integrate with the broader digital asset ecosystem. SWIFT operates the ledger itself, handling orchestration of transaction workflows, validation of funding commitments, and coordination of interbank processes. Consensys built the conceptual prototype when Swift announced the project in September 2025. Seventeen banks from six continents are preparing to pilot live transactions, among them ANZ, BNP Paribas, BNY, Citi, DBS, MUFG, UBS, and Wells Fargo. CryptoPotato covered that SWIFT has experimented before with moving tokenized value across public and private blockchains. HSBC has put bank money on a ledger before, joining a S$400 million digital bond issuance with SGX and Temasek that cut primary settlement from five days to two. "With our new ledger capability, we're extending the trust and stability of established finance into the frontiers of digital money," said Thierry Chilosi, Chief Business Officer at Swift. Rival network targets 2027. American banks are building a competing rail. The Clearing House is developing a tokenized deposit network called The Bridge with JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, targeted at the first half of 2027 and open to all US banks. Bank of America's Mark Monaco said clients are not "beating down the door" for tokenized deposits yet. SWIFT moves the equivalent of world GDP every two to three days across more than 200 markets. The cooperative says 75% of payments on its network reach beneficiary banks within 10 minutes.

The Clearing House

VP – Enterprise & Digital Platforms

About the job