ANZ blockchain pilot aims for rapid payment and investment of super
The bank is close to launching a major project involving tokenisation of superannuation payments.
ANZ will soon begin testing a real world application of asset tokenisation in superannuation, the most significant financial market shift to blockchain so far in Australia.
The Reserve Bank has estimated tokenisation via blockchain could mean potential transaction cost savings in Australia in the range of $1 billion to $4 billion per year, with potential savings of up to $13 billion per year available to issuers in Australian capital markets.
ANZ participated in a pilot of central bank digital currencies with the RBA in 2022-23. It explored tokenisation of superannuation payments, which would dramatically expedite payments from employers and their subsequent investment.
It's now moving to the next stage, with ANZ banking services lead Nigel Dobson telling Capital Brief a “non value” pilot will start before Christmas to test the process, before real value transactions with selected funds and employers are tested early next year.
