Tokenized payments are becoming enterprise software. Swift, ACI, Oracle and IBM are making infrastructure easier for banks to adopt, while treasury platforms bring digital money into corporate workflows. As participation becomes easier, where should banks invest to differentiate—and who will control payment decisions?

UK banks have put tokenized deposits to work in real customer transactions. Scaling those services depends on connecting banks, currencies and settlement systems. We examine the emerging interoperability models and where banks should invest.

The SEC has recognised permissioned AMMs as potential securities-market infrastructure. Uniswap already has much of the technical architecture. The question now is whether it can turn that advantage into a regulated venue, institutional liquidity and value accrual.