Jack Henry Plans Google Cloud Ledger Link for Tokenized Deposits

Jack Henry plans to connect to Google Cloud Universal Ledger (GCUL), and the expanded partnership will give U.S. banks and credit unions access to tokenized deposit services through a shared, real-time ledger.

GCUL is a managed distributed ledger service. Financial institutions can use it to represent funds and other assets as tokens and transfer them on a shared ledger in real time. The system also supports programmable settlement around the clock.

A tokenized deposit represents commercial bank money in digital form, with the issuing bank retaining the liability. Jack Henry provides core banking systems and is an S&P 500 company. Jack Henry is among core banking providers that can connect to tokenized-deposit ledgers, alongside Fiserv, FIS, Temenos and Hogan.