Barclays and six other lenders executed live financial settlements using digitised sterling via a platform developed by Quant. The Great British Tokenised Deposit initiative conducted two remortgage completions and a marketplace purchase from a private seller, using a system that locks and releases funds automatically once agreed conditions are met. Participating institutions include HSBC, Lloyds, Monzo, Nationwide, NatWest Group and Santander.

The new shared infrastructure, developed in collaboration with EY and Linklaters, aims to increase customer control and reduce fraud through programmable money. The participants are now preparing additional pilots for the coming months, which will include the settlement of digital assets.