Lloyds Completes Live Tokenised Deposit Tests in Agorá
Lloyds Banking Group has made significant progress in its exploration of tokenised deposits. The company recently completed three live transactions through Project Agorá, a joint initiative with the Bank for International Settlements and the Institute of International Finance.
The transactions tested the use of tokenised commercial bank deposits in payment and settlement scenarios within the regulated banking system. Two of the tests involved Swiss franc and euro payments, while the third linked foreign exchange conversion, payment, and settlement in a single flow.
This approach differs from traditional cross-border payment arrangements, which often involve separate stages for payment, currency conversion, and settlement. By combining these stages, Project Agorá aimed to reduce the number of steps needed to complete a cross-border transfer.