Barclays Plc has begun seeking input from technology suppliers about creating a blockchain platform to support banking processes including payments and deposits, people familiar with the matter said.
The UK-based lender has issued a request for information to potential vendors as it examines options for developing new product capabilities. Sources said the effort could cover payments applications such as stablecoins and tokenized deposits, and that the bank could pick technology providers as early as April.
Bank officials are assessing how blockchain-based tools might fit into their offering set, soliciting technical and commercial information from firms that could supply infrastructure or services. The request for information is intended to inform Barclays's evaluation of how to build and integrate new systems rather than to announce a final procurement decision.
The project at Barclays follows comparable exploration of digital-asset technology by other major banks. People familiar with the matter noted that institutions across the sector have been looking at how digital-ledger technology can be applied to banking services.
Stablecoins have grown in prominence within payments, and their expansion is cited by those familiar with the matter as a potential source of competitive pressure on banks' core activities as technology firms and fintechs participate in the market. Barclays's outreach to suppliers is part of its effort to determine how it might respond and what services it could offer using distributed-ledger technology.
Details on the technical architecture, partner selection criteria, and commercial timelines were not provided by the people who described the initiative. The request for information is an early-stage step that aims to gather options and market capabilities rather than to finalize product design or partner contracts.
Clear summary
Barclays has issued a request for information to technology vendors about building a blockchain platform to support payments and tokenized deposits. The bank is evaluating potential providers and could select partners as early as April. The effort is part of a broader trend of large banks examining digital-asset technology, while stablecoins gain traction in payments and create competitive questions for traditional banking services.
Key points
- Barclays has reached out to technology suppliers via a request for information as it considers blockchain-based products and services - sectors impacted: banking, financial infrastructure.
- The initiative may include payments use cases such as stablecoins and tokenized deposits - sectors impacted: payments, fintech.
- Provider selection could occur as early as April, indicating an active vendor assessment timetable - sectors impacted: enterprise technology, banking operations.
Risks and uncertainties
- Unclear technical and commercial details - the RFI is an early-stage information-gathering step and does not guarantee specific platform architecture or partner agreements; this affects technology vendors and systems integrators.
- Competitive pressure from expanding stablecoin use in payments - the growth of stablecoins could challenge banks' payment revenue if fintechs and technology firms capture market share; this impacts banks and payment processors.
- Timing and selection are not final - while Barclays may choose providers as early as April, outcomes depend on the vendor responses and internal decisions; this creates uncertainty for potential suppliers and internal project teams.