The London Stock Exchange Group (LSEG) has launched Digital Settlement House (DiSH), an institutional settlement service enabling programmable and instantaneous settlement between payment networks both on and off chain. The on chain aspect makes use of tokenized commercial bank deposits. The platform supports 24/7 settlement across multiple currencies and jurisdictions, with payment versus payment (PvP) capabilities for FX and delivery versus payment (DvP) for digital asset transactions.
DiSH Cash, the service’s ledger based commercial bank money solution, operates with accounts at multiple commercial banks. Members gain instant ownership of commercial bank deposits at any bank within the DiSH network, with tokenization on the DiSH ledger enabling coordination of transfers between networks. However, the tokenization aspect doesn’t have to happen on the DiSH ledger. Instead DiSH can notarize transactions on other networks. It recently completed a proof of concept involving tokenizing deposits on the Canton Network for the cash leg repo transactions.
DiSH operates within LSEG’s Post Trade Solutions division, which secured investment from 11 global banks in October 2025. Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, HSBC, J.P. Morgan, Morgan Stanley, Nomura, Societe Generale and UBS collectively took a 20% stake in the division. These clearing member banks are both stakeholders and anticipated users of the service. DiSH operates via a rulebook framework supporting multiple commercial banks and currencies. It also offers tools for intraday borrowing and lending.
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