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Wells Fargo CFO puts interoperability at the center of tokenized deposits
At Sibos, Mike Santomassimo argued that isolated bank networks cannot deliver the interoperability needed for cross-border tokenized-deposit settlement.
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Ledger Insights reported on 30 September that Wells Fargo CFO Mike Santomassimo challenged closed, single-bank tokenized-deposit systems during Sibos. The remarks followed the bank’s inclusion in Project Agorá, the BIS-led cross-border payments initiative.
His emphasis was interoperability: a corporate payment needs to reach another institution, rather than merely move between accounts inside one bank’s technology stack.
Why the distinction matters
A successful transfer within a bank does not demonstrate a working international settlement network. Agorá’s proposed model brings tokenized commercial-bank deposits together with tokenized central-bank money, so the payment process can coordinate obligations across institutions.
The CFO’s comments are a statement of the desired architecture. They should not be read as confirmation that every participating bank already offers a production service. The verified report supports a discussion of network design, rather than a claim about customer transaction volumes.
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Key takeaways
- //The remarks concern how bank networks connect, not an announcement that a new service is live.
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