Jack Henry and Google Cloud Team Up to Bring Tokenized Deposits to Banks

Monett, Missouri — U.S. financial technology company Jack Henry has expanded its collaboration with Google Cloud so that banks and credit unions can offer tokenized deposits through Google Cloud Universal Ledger (GCUL), and will become the first core technology provider to integrate with the service.

GCUL is a fully managed, distributed ledger service that lets financial institutions tokenize and transfer money and assets on a shared, real-time record, with programmable settlement available 24/7. The announcement builds on a strategic relationship the two companies established in 2022.

The Nasdaq-listed company, which trades under the ticker JKHY, said the integration is meant to help institutions modernize deposit offerings, strengthen accountholder relationships and introduce new payment and settlement capabilities. It said community and regional financial institutions face growing competition from large banks and fintech providers as customers expect real-time, programmable financial experiences.

"Tokenized deposits have the potential to reshape how money moves across the financial ecosystem," said Jack Henry Chief Technology Officer Ben Metz. "Our strategy is centered on helping financial institutions navigate emerging technologies and access innovative capabilities through trusted, scalable infrastructure. By expanding our work with Google Cloud and serving as the first core technology provider to use GCUL, we're helping community banks and credit unions explore new opportunities while building on the relationships, service, and expertise that have always set them apart."

Jack Henry said tokenized deposits through GCUL are designed to help financial institutions retain deposit relationships while offering digital payment and value-transfer capabilities. End clients get instant, 24/7/365 payment execution and automated, programmable workflows across an expanding network of institutional participants, currencies and asset classes.

On capital, the company said the ledger relies on automated clearing and multilateral netting without requiring liquidity tie-ups or pre-funded accounts. That lets institutions scale digital asset capabilities while preserving core reserves and primary deposit relationships, according to Jack Henry, which added that its architecture is meant to simplify adoption and reduce operational complexity.

“Financial innovation should be accessible to institutions of all sizes,” said James Tromans, Director, Web3 and Digital Assets at Google Cloud. “Google Cloud Universal Ledger provides a secure and scalable foundation for programmable value exchange. Through our collaboration with Jack Henry, we are bringing advanced digital asset capabilities to community and regional financial institutions, helping them build on the relationships and trust they have established with their customers.”

Jack Henry and Google Cloud first teamed up in 2022 to accelerate Jack Henry’s cloud-native technology modernization strategy. Last June, the companies announced plans to deliver AI-driven security capabilities, integrating Google Cloud’s agentic defense solutions to protect banks and credit unions against cyber threats.

The ledger has been tested elsewhere in financial markets. In March 2025, CME Group said it had completed the first phase of testing GCUL, which runs on a private, permissioned model rather than as a public blockchain.

Tokenized deposits are digital representations of commercial bank deposits recorded through distributed-ledger technology. In the Gulf, First Abu Dhabi Bank completed live U.S. dollar transactions with Citi using tokenized deposits on Swift’s blockchain-based ledger, becoming the first bank in the Middle East and Africa to reach that stage.