Current Operations | Operations of the Ecosystem

What Alkaimi Ecosystem member financial institutions do at this stage

Since 1 September 2026, Alkaimi Ecosystem™ member financial institutions have conducted traditional wholesale settlement operations on the Alkaimi Ecosystem's ledger. Those operations are six.

Large-value settlement: The settlement of large-value obligations between member financial institutions on the Alkaimi Ecosystem's ledger.
Client holding accounts: The settlement of obligations between institutional client holding accounts.
Custody transfers: Custody transfers between member financial institutions.
Trade and commercial obligations: The settlement of trade and commercial obligations for institutional clients.
Currency exchange at the desk: Currency exchange at member desks on institutional instruction.
Onboarding of asset positions: The onboarding of the institutional asset positions from which those settlements are made.

A settlement between two member financial institutions on the Alkaimi Ecosystem's ledger is a ledger entry, final when the value moves, with no chain of correspondent financial institutions between them and no interval in which one member holds the other's promise.

In support of those operations, ecosystem member financial institutions provide the liquidity and the capital the operations require.

Liquidity: By recognizing the value of qualifying assets onto the Alkaimi Ecosystem's ledger, and by exchanging settled value for currency at their desks on institutional instruction.
Capital: By meeting, from their own resources, the capital position each member's license sets.

Alongside those operations, each member financial institution continues to conduct the traditional retail deposit operations of a chartered financial institution, under its own regulator, as it did before it joined the ecosystem, and continues them as it expands and transforms its operations to the whole of the Alkaimi™ model.

Why wholesale settlements only at this stage

The Alkaimi Ecosystem's ledger is built one recognized asset at a time, and the ledger's structure on any date sets what the ecosystem can safely carry on that date. Before any consumer service is offered, three conditions are met at each member financial institution.

Capital: The member financial institution capitalizes to the standard its license sets.
People: The member financial institution trains its people.
Infrastructure: The member financial institution deploys the infrastructure of the ecosystem's private network.

Until those three conditions are met at a member, the ecosystem holds a self-imposed embargo on that member's operations, limiting them to the six wholesale settlement operations above. No value-recognized consumer service has been deployed.

The published record projects the marketing of approved consumer products to commence in late 2027 or early 2028, depending on the structure of the ledger at that time. Each such product is offered, when it is offered, under the member financial institution's own regulator.

Access to central bank accounts, and settlement in whole value

An Alkaimi Ecosystem member financial institution does not depend on discretionary access to any central bank account for the settlement it conducts on the Alkaimi Ecosystem's ledger.

The record on access

The guidelines: In the United States, a central bank account is granted at the discretion of the Reserve Bank to which the applicant applies, under the account access guidelines the Board of Governors issued in August 2022.
The Narrow Bank: The Narrow Bank applied for an account in August 2017 and was refused on 13 December 2023 by the Federal Reserve Bank of New York, on the ground that the account would pose undue risk to the stability of the financial system and to the implementation of monetary policy, particularly in times of stress.
Custodia Bank: Custodia Bank, a special purpose depository institution chartered in Wyoming, was refused in January 2023; a federal district court upheld the refusal in 2024, and on 31 October 2025 the United States Court of Appeals for the Tenth Circuit affirmed, two to one, that a Reserve Bank may refuse an account even to an institution within the statutory definition.

The four facts of construction

The Alkaimi Ecosystem members' position rests on four facts of construction, not on any decision a central bank may make.

Settlement in whole value: Settlement between member financial institutions is conducted in whole value on the Alkaimi Ecosystem's ledger, and is final when the value moves. No central bank account is used in that settlement, so no central bank's discretion over account access can reach it.
Currency at the desk: Currency is required only at the member financial institution's desk, when a client instructs an exchange of settled value for currency. For that exchange each member uses the central bank accounts or correspondent relationships it already holds as a chartered, operating financial institution. No member applied for a new account to join the ecosystem, and no member's operations rest on an application pending anywhere.
Credit on an existing framework: The pathway by which a member financial institution creates consumer credit uses a framework that already exists inside the banking system. Liquidity is created on the Alkaimi Ecosystem's ledger, by recognizing the value of qualifying assets onto it, and needs no central bank. Consumer credit is a separate conduct on the currency side of the member's desk: a member may fund credit by pledging rented Digitized Tangible Assets™ (DTAs™) to its own central bank as collateral that central bank accepts, under that central bank's existing rules on collateral, and drawing a term advance. The member creates no new instrument at the central bank, seeks no new facility, and asks its central bank to accept nothing for which that central bank's rules do not already provide.
A network under many regulators: The Alkaimi Ecosystem is a global network of financial institutions chartered in more than one nation and supervised by more than one regulator. No single central bank's discretion governs the ecosystem's settlement, because the ecosystem's settlement does not run through any single central bank.

Sanctions

The lawful instrument that reaches a member financial institution's currency-side settlement from outside its own regulator is a sanction imposed by a nation under its own law, in the United States under the International Emergency Economic Powers Act (50 U.S.C. 1701 to 1708). Every Alkaimi Ecosystem member financial institution honors every lawful sanction of every nation in which it operates, as stated on the Sanctions page of this site.

Nothing on the Alkaimi Ecosystem's ledger is designed to evade a sanction, and nothing on the ledger can be used to evade one, because every holder of a DTA, and of any part of one, is registered in the record of the DTA itself at every movement, together with its custodian and the time and path of the movement, and the whole history of any DTA can be traced, verified and audited by a party entitled to access it.

The stability question a central bank raised against the narrow bank is answered at Future Operations, where the members' retail operations are described.

Who member financial institutions serve at this stage

In wholesale settlement, member financial institutions serve three kinds of client, acting directly.

Governing authorities: The governing authorities of nations.
State-owned entities: State-owned entities.
Institutional asset owners: Major corporations and other institutional owners of qualifying asset positions, producers, refiners, miners and merchants among them.

The asset classes now being recognized are gold, silver, platinum, palladium, oil, natural gas, wheat, corn, rice, soybeans, coffee, cocoa, steel, copper, aluminum, iron ore and coal.

A representative, an intermediary, a finder, a broker or a custodian is not admitted. The principal comes to a member financial institution directly.

How a client reaches a member financial institution

A client enters through a member financial institution chartered and regulated in the client's own region. The path on this site is preliminary.

Screening: A submission is screened.
Review: The submission is reviewed by a person.
Introduction: Where suitable, the submission is introduced to one member financial institution, which decides independently whether to engage.

A submission creates no account, no contract and no entitlement. The path opens at To qualify and engage.

Sources

The Alkaimi Financial Ecosystem™ in Function, Granular Value on a Neutral Rail, Pegisai Global Holdings, Inc., released 22 August 2026, published on pegisai.com 5 September 2026: the wholesale period's operations, the timetable of consumer deployment, and settlement final on the ledger. Board of Governors of the Federal Reserve System, Guidelines for Evaluating Account and Services Requests, August 2022. Federal Reserve Bank of New York, letter refusing the account application of TNB USA Inc., 13 December 2023. Custodia Bank v. Federal Reserve Bank of Kansas City and Board of Governors, United States District Court for the District of Wyoming, 2024, and United States Court of Appeals for the Tenth Circuit, 31 October 2025. Monetary Control Act of 1980, 12 U.S.C. 248a. Federal Reserve Board, Regulation A, 12 CFR Part 201, extensions of credit by Federal Reserve Banks, and the discount window collateral rules. International Emergency Economic Powers Act, 50 U.S.C. 1701 to 1708.

Compliance statement

This page is an institutional communication published on behalf of the regulated member financial institutions of the Alkaimi Ecosystem. The page is not a solicitation, an offer or an advertisement of banking, investment or other financial services, and it does not offer any product or service to any person.

The member financial institutions and their counsel have reviewed this page for compliance with the financial promotion, consumer protection and advertising rules that apply in the members' jurisdictions, as the members and counsel understand them. The ecosystem's regulatory position is stated in full in the Legal section of this site.