The Clearing House is launching the On-Chain Money Initiative, a new interoperable network designed for clearing and settling tokenized deposits. The platform aims to facilitate immediate payment settlements and automate transactions based on predefined conditions, reducing manual processing for banks.
Quant will provide the underlying technology for the network, focusing on interoperability, orchestration, and transaction management. Their solution connects the new platform with existing fiat payment systems already utilized by financial institutions.
The project is intended to support the increasing demand for tokenized deposits within the banking sector. The Clearing House plans to make this infrastructure available to participating financial institutions during the first half of 2027.
According to CEO David Watson, the initiative focuses on wholesale tokenized fiat issued by banks. This system allows for real-time movement of funds between institutions and across different geographies, leveraging the existing clearing and settlement infrastructure.
