Commerce Conversations · 2025-10-30 · 38 min
This week on Commerce Conversations, Dan is joined by Tom Brown for a candid, operator-level walkthrough of the next big change in payments: tokenized deposits and controllable payment intangibles (CPIs). Instead of shuttling funds across intermediaries, banks can keep value parked and transfer the claim - a model that looks a lot more like immobilized securities than traditional money movement. We dig into what that means for wires, RTP, and bank UX; why real-time ledgering matters more than real-time messaging; and where clearing houses still fit. Tom lays out a pragmatic adoption path: start with one internal flow, define standards before chasing consortia, and dogfood a wallet/registry that tracks ownership across accounts. We also cover risk, compliance, and how startups can serve as the bridge layer between cores and digital rails. If you run payments, treasury, or product at a bank or fintech, this episode is your field guide - complete with quick wins, common pitfalls, and how to know you’re actually ready to ship.
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