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Groundbreaking Experimentation of DLT Settlement in Central Bank Money by IZNES with the European Central Bank and Banque de France

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IZNES, collaborating with the Eurosystem comprising the European Central Bank and the Banque de France, has completed a groundbreaking experiment showcasing the potential of wholesale Central Bank Money (CeBM) on interoperable blockchains. Leveraging innovative Hash Time Locked Contracts (HTLC), this initiative demonstrated secure, efficient Delivery versus Payment (DVP) transactions across blockchain platforms like DL3S, IZNES, and Societe Generale-FORGE. Stakeholders included AXA Investment Managers (AXA IM), BNP Paribas, Generali, OFI Invest Asset Management, Societe Generale. The experiment not only highlights the seamless interoperability of blockchains but also underscores the immense potential of digital cash tokens to revolutionize financial operations by enhancing security, reducing settlement times, and cutting costs, setting a new benchmark for the future of financial markets.

PARIS, Dec. 23, 2024 /PRNewswire-PRWeb/ — In a landmark initiative, IZNES, in collaboration with AXA Investment Managers (AXA IM), BNP Paribas, Generali, OFI Invest Asset Management, Societe Generale and Societe Generale-FORGE and under the aegis of the Eurosystem—comprising the Banque de France (BdF) and the European Central Bank (ECB)—has successfully conducted an innovative experiment exploring the potential wholesale Central Bank Money (CeBM), within financial market operations on three interoperable blockchains.

It concretely demonstrates that interoperability between blockchains—often perceived as a major obstacle to the adoption of DLT technologies in finance—is not only possible but also holds immense potential to transform our financial infrastructures.

IZNES CEO Christophe Lepitre stated, “This groundbreaking initiative underscores IZNES’s commitment to innovation and collaboration, paving the way for future advancements in digital finance. It concretely demonstrates that interoperability between blockchains—often perceived as a major obstacle to the adoption of DLT technologies in finance—is not only possible but also holds immense potential to transform our financial infrastructures.”

The experimentation utilized the DL3S platform operated by the Banque de France under the aegis of the ECB, proving that wholesale CeBM can be used for conducting Delivery versus Payment (DVP) of fund units on three interoperable platforms: DL3S, IZNES and Societe Generale-FORGE.

Innovative Technology in Action

To facilitate the DVP process, a Hash Time Locked Contract (HTLC) was issued on the DL3S blockchain and seamlessly exchanged with the IZNES blockchain. The HTLC technology introduced a layer of cryptographic security, requiring recipients to produce cryptographic proof of payment within a specified timeframe. Failing this, the funds would be returned to the payer, ensuring operational integrity and trust.

“By leveraging the HTLC mechanism, we showcased the seamless interoperability between the DL3S, IZNES and Societe Generale-FORGE platforms, proving that wholesale CeBM can play a transformative role in financial market infrastructures,” stated Bhavesh Senedhun, experiment leader, Director General and CIO of IZNES.

Jean-Robert Hervy, Director General and CPO of IZNES, emphasized: “This experiment represents a step forward in demonstrating the feasibility and efficiency of using digital cash tokens in complex financial operations. By leveraging a secure, digital ledger, transactions could be completed faster, with enhanced security measures and significantly lower operational costs for all stakeholders.”

Two-Tiered Experimentation

The initiative was executed in two streams:

Stream 1: In collaboration with Generali as investor, AXA IM as issuer / asset manager of the tokenized fund, and BNP Paribas’ Securities Services business providing existing services and managing its clients’ wallets in BdF’s DL3S, the experiment focused on the subscription of fund units using Banque de France’s cash token.Stream 2: Partnering with Generali as investor, OFI Invest AM as issuer / asset manager of the tokenized fund, Societe Generale and Societe Generale-FORGE, this stream demonstrated the wholesale CeBM’s capabilities in a complex, multi-layered financial operation. This included the subscription of fund units in wholesale CeBM, which were subsequently reinvested into other funds, and bonds issued by Societe Generale. It concluded with the redemption of positions. Societe Generale Securities Services acted as Paying Agent.

Implications for the Financial Ecosystem

“This experiment carried out in real conditions demonstrated that it was possible to safely reduce the settlement and delivery times of transactions on financial instruments thanks to the interoperability of blockchains between them and the guarantee provided by the digital wholesale Central Bank Money (CeBM). We are collectively very happy and proud of this result which paves the way for a real technological advance for post-market processes, with the use of tokens for a secure settlement method for this type of operation thanks to the CeBM,” stated Jean-Pierre Grimaud, CEO of OFI Invest AM.

“At Generali, we have leveraged IZNES to manage our fund positions efficiently using blockchain. The success of this experimentation with the Eurosystem and the CeBM demonstrates the transformative potential of blockchain technology in streamlining fund management processes. The introduction of a wholesale CeBM represents a significant step forward for insurers like Generali, simplifying operations and enhancing transparency across the funds ecosystem,” further added Rémi Cuinat, Director of Unit-linked Assets at Generali.

This successful experimentation highlights the potential of wholesale CeBM to enhance the efficiency, security, and resilience of financial markets. It sets a precedent for the integration of a wholesale CeBM into real-world financial applications, demonstrating their viability as a cornerstone of the future financial ecosystem.

Acknowledgements

IZNES wishes to extend its heartfelt thanks to the dedicated individuals and teams who contributed to the success of this groundbreaking wholesale CeBM experimentation:

Generali: Rémi Cuinat, Azdine Fahimi, Fenda Fofana for their insightful contributions.OFI Invest AM: Jean-Pierre Grimaud, CEO, along with Eric Bertrand, deputy CEO in charge of Investments, Nicolas Demont, deputy CEO in charge of Operational Efficiency and Patrick Hobin, COO for their leadership and support.AXA IM: Olivier Loubet for his strategic input.BNP Paribas’ Securities Services business: Maria Darras (Senior Program Manager Digital Assets) for her valuable engagement.Societe Generale Securities Services: Alain Rocher and Morgane Seveno for their expertise.Societe Generale-FORGE: David Durouchoux, Damien Fontanille and Alexandre Tortochot for their leadership.Banque de France: Pierre-Dominique Renard, Victorien Goldscheider, Marie-Aline Vives, Georges Maila, Sana Ghariani along with the DL3S technical team.IZNESIZNES Task Force on Tokenization and CBDC Experimentations: Paul Sylvain, Stéphanie Lheureux, Olivier Macquet for their guidance.

On the IZNES team, special recognition is given to:

Charles Paris, CTO, and Vladimir Kukharenko for their invaluable technical expertise.Jihade El Ouardi for exemplary project management.Axel Baechelen and Noemie Socha for their efforts on the operational and product fronts.Valérie Gilles for her assistance and advice with stakeholders.Isabelle Dhellemmes for legal guidance.

For further information, please contact:
Bhavesh Senedhun
Director General and CIO, IZNES
bhavesh.senedhun@iznes.com

About IZNES:

IZNES is the first European blockchain-based fund marketplace. IZNES offers a disruptive alternative to traditional fund distribution channels and allows asset owners to subscribe directly to all types funds from asset managers. The use of IZNES’s blockchain technology improves operational efficiency and offers institutional investors and asset managers an optimal level of security and IT resilience. IZNES is a regulated investment firm, authorized by the ACPR and supervised by the AMF, and its services are passported in Luxembourg and Ireland.

www.iznes.com

Media Contact

Bhavesh Senedhun, IZNES, 33 633260581, bhavesh.senedhun@iznes.com, www.iznes.com 

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SOURCE IZNES

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Club Offers for Travel Enthusiasts in Canada

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October 23, 2026

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TORONTO, Oct 23, 2026 /PRNewswire/ — Travelzoo® (NASDAQ: TZOO), the club for travel enthusiasts, announces three of many new Club Offers for Club Members in Canada.

Rigorously vetted and negotiated for us travel enthusiasts:

$799—COSTA RICA WEEK WITH FLIGHTS & CAR
We think fall is an ideal time to visit Costa Rica; the scenery is lush and the crowds are gone. Drive between volcanic Arenal and the idyllic beaches of Tamarindo on this seven-night trip. Since it’s not as busy, we were able to negotiate a price that saves members up to $648 on departures through mid-December.

$899—BARCELONA: 5 NIGHTS WITH FLIGHTS
Explore Barcelona’s world-class museums and architectural masterpieces in the quieter winter months to pack more into your trip. You won’t waste hours in lines and can access top restaurants that are fully booked in summer. We save $300 on travel this January and February, when temperatures are still spring-like. Roundtrip flights from Toronto, hotel and daily breakfast are included.

$999—ST. KITTS GETAWAY FOR 2, REG. $2083
Most visitors to St. Kitts book months in advance, but when we pointed out that travel enthusiasts are more spontaneous, this resort gave us a terrific rate for stays this November and December. Spend four nights in Frigate Bay and get an upgraded Oceanview room, too.

Are you a travel enthusiast? Join the club today: https://travelzoo.com

Who are we?
We, Travelzoo®, are the club for travel enthusiasts. We reach 30 million travellers. Club Members receive Club Offers negotiated and rigorously vetted by our deal experts around the globe. Our relationships with thousands of top travel companies give us access to irresistible deals. Our club and its benefits are built around the lifestyle of a modern travel enthusiast.

Media Contact: 
Amanda Ieraci – Toronto
+1 437 866 8540
aieraci@travelzoo.com

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SOURCE Travelzoo

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Howard Hughes Holdings Set to Join S&P SmallCap 600

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2 hours ago

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October 23, 2026

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NEW YORK, Oct. 23, 2026 /PRNewswire/ — Howard Hughes Holdings Inc. (NYSE: HHH) will replace Arcosa Inc. (NYSE: ACA) in the S&P SmallCap 600 effective prior to the opening of trading on Wednesday, October 28. S&P 500 constituent CRH plc (NYSE: CRH) has acquired Arcosa in a deal that closed today, October 23.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date

Index Name  

Action

Company Name

Ticker

GICS Sector

October 28, 2026

S&P SmallCap 600

Addition

Howard Hughes Holdings

HHH

Real Estate

October 28, 2026

S&P SmallCap 600

Deletion

Arcosa

ACA

Industrials

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/. 

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com

Media Inquiries
spdji.comms@spglobal.com

View original content:https://www.prnewswire.com/news-releases/howard-hughes-holdings-set-to-join-sp-smallcap-600-302918511.html

SOURCE S&P Dow Jones Indices

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Chelsea FC announces multi-year sleeve partnership with Sokin, the business payments and FX platform

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3 hours ago

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October 23, 2026

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Chelsea FC name fast-growing fintech platform as Principal Partner

LONDON, Oct. 23, 2026 /PRNewswire/ — Chelsea Football Club has today announced a multi-year partnership with Sokin, the embedded finance and payments company used by businesses worldwide. Sokin will be named a Principal Partner and Official Business Payments and FX Partner of Chelsea FC and Chelsea FC Women.

As a Principal Partner, Sokin will be represented on the sleeves of the Chelsea FC men’s, women’s and academy home, away, and third kits from the 2026/27 season.

The partnership brings together two ambitious London-headquartered organisations with worldwide reach – a club with millions of fans across the world and a fintech platform through which businesses move more than $11 billion a year. A club of Chelsea’s scale works in many currencies every day, with partners, competitions and supporters around the world, and needs a financial partner built to handle that.

Sokin gives finance teams business payments, multi-currency accounts, foreign exchange, checkout and treasury in one place, so they spend less time juggling banks and providers and keep more of what they move.

As Official Business Payments and FX Partner, Sokin will simplify how Chelsea FC sends, receives and manages money in the currencies the club operates in.

The Sokin logo will feature on the sleeve of the Chelsea shirt for the first time [when the men’s team host Tottenham Hotspur at Stamford Bridge on Saturday 24th October.]

Jason Gannon, President at Chelsea FC said:

“At Chelsea, we seek to partner with organisations that share our ambition and innovative mindset. Sokin’s expertise in business payments, and their focus on making both simpler for the businesses they serve, makes them a natural fit for the Club. We are pleased to welcome Sokin to the Chelsea family and look forward to working together in the years ahead.”

Vroon Modgill, CEO and founder at Sokin said:

“Chelsea plays on the biggest stage in world football, and its business runs in dozens of currencies. Sokin was built for that with regulated, multi-currency payments and foreign exchange for organisations that operate internationally. We’re proud to be the platform behind the business payments and FX of one of the most iconic teams in football. Sokin’s platform serves businesses in more than 170 countries. We’re thrilled to be partners for the season ahead. An organisation as sophisticated as Chelsea doesn’t leave its finances to chance.”

About Sokin

Sokin is the financial layer global business runs on. Businesses can transact, convert and hold money in 70+ currencies across 170+ countries. Some businesses use Sokin to manage global finance in-house. Others build it into their products to power financial experiences for their customers. Businesses move more than $9 billion a year on licenses Sokin holds in 36+ countries and infrastructure Sokin owns. Founded in 2019, Sokin has raised over $100 million from investors including Morgan Stanley Expansion Capital and Prysm Capital.

About Chelsea Football Club

Chelsea Football Club is one of the biggest, most successful football clubs globally and our men’s team are reigning world champions, having won the four-yearly FIFA Club World Cup in 2025. Our women’s team, Chelsea Women, are also multiple trophy winners.

Founded in 1905, Chelsea is London’s most central football club, based at the iconic 40,000-capacity Stamford Bridge stadium. Nicknamed the Blues, the club lifted the Champions League for the first time in 2012 and domestically has won the Premier League five times, the FA Cup eight times, the Football League Cup five times and the Football League Championship once, in 1955.

The Chelsea Women’s team have enjoyed a huge amount of success and in 2025 won the FA Women’s Super League for a sixth consecutive year and the eighth time overall. The Women’s FA Cup has been won on six occasions. We have also captured the FA Women’s League Cup four times as well as reaching the UEFA Women’s Champions League final in 2021. In two seasons, 2020/21 and 2024/25, a domestic treble of trophies was secured.

The Chelsea Foundation boasts one of the most extensive community initiatives in sport, helping to improve the lives of children and young people all over the world.

Media Contacts:

Taina Biggs
taina.biggs@sokin.com 

Nerissa Chesterfield
nerissa.chesterfield@chelseafc.com 

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