Wells Fargo & Company (NYSE: WFC) announced plans to introduce tokenized deposits, a blockchain-based representation of commercial bank money, for its corporate and commercial clients.

The program is set to launch this fall with a limited rollout covering U.S. dollar to British pound transactions, with an expansion planned throughout 2027 to include additional clients, countries, and currencies.

According to the announcement, the tokenized deposits will be integrated into Wells Fargo's existing banking infrastructure and will allow clients to move, program, and settle funds around the clock, including weekends and holidays. The bank said the deposits will carry the same regulatory protections and deposit insurance eligibility as its existing deposit products.

Key features planned for the service include 24/7 fund transfers between accounts and counterparties, programmable payments using smart contracts based on predefined conditions, and automatic routing through tokenized deposits when the system can improve speed or flexibility.

"Tokenized deposits will enable Wells Fargo's corporate and commercial clients to move money between accounts and across borders with greater ease and increased speed," said Wells Fargo CFO Mike Santomassimo. "Clients will be able to take advantage of this capability without experiencing any change to how they interface with Wells Fargo."

The bank said its tokenized deposits capability uses a proprietary blockchain platform that supports in-house custodial wallets and inter-chain connectivity technology.