Banks have not put all of their eggs in the TCH basket. There is another Bank Consortium around payments which I have not discussed: Paydiant has been working with 27 odd banks around a “Push Payments” pilot for last 2 yrs.
A core “investment assumption” by TCH banks was that “regulators” were going to force the use of tokens in the US. As a primary means for meeting obligations under BSA/AML. The “value proposition” pitched to pilot participants was thus “regs are coming which will drive PayPal out of business.. everyone will be required to tokenize.. pilot participation means you can have a jump on everyone else.” Obviously this has not been the case..