Lloyds and Caixabank just settled live transactions using tokenised deposits under Project Agorá.

This is not a pilot. It’s a signal that settlement is moving from bank-led batch cycles to real-time, token-based rails.

For PSPs, the pressure is now commercial, not theoretical.

Your treasury model depends on net settlement positions, prefunding requirements, and cut-off times. Tokenised deposits change that equation. They enable 24/7 settlement, instant liquidity movement, and programmatic reconciliation. If your counterparties start settling this way, your own liquidity management becomes the bottleneck.

According to Frederic Yves Michel NOEL, the real issue is that most PSPs still treat treasury as a back-office function. When settlement becomes instant, treasury becomes a competitive differentiator. The PSPs that can manage tokenised liquidity across multiple currencies and venues will win the margin game. Those that can’t will face higher funding costs and slower payouts.

I would not look at this as a bank infrastructure story. I would look at it as a direct challenge to how PSPs manage float, reconciliation, and counterparty risk today.

For PSPs still running batch reconciliation cycles, what is the first operational change you would need to make to support 24/7 tokenised settlement?