Yesterday it was announced that Wells Fargo is joining Project Agorá, the BIS-led initiative for cross border payments. Today at Sibos, the bank’s Chief Financial Officer Mike Santomassimo drew a sharp line between tokenized deposit models that genuinely transform settlement and those that simply digitize existing plumbing.
Project Agorá ultimately aims to make cross border payments more efficient. If you zoom out at a DLT level, it enables interoperability between the current siloed tokenized deposit solutions and simultaneously empowers interbank atomic settlement using tokenized central bank reserves. Santomassimo addressed both points.
“Closed solutions don’t work. Single bank solutions don’t work,” he said, adding that “you really need to be able to have interoperability across some of this new technology.”
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