UBS is testing a blockchain-based payment system
In an effort to improve the efficiency of cross-border transactions, multinational financial services company UBS has completed a trial of its blockchain-based payment system UBS Digital Cash.
The Zurich-based bank said in a Nov. 7 press release that the trial, which involved international banks and customers, involved cross-border transactions in Chinese yuan, euros, Swiss francs and U. S. dollars in addition to domestic payments in Switzerland.
technology uses a private #blockchain network known as UBD Digital Cash and is only available to authorized customers.
#smart contracts are used to settle transactions, which are automatically triggered when certain conditions are met. Andy Kolleger, Head of Institutional and Multinational Banking, UBS: Blockchain-based payment solutions for cross-border payments are a strategic focus for UBS.
collaboration between UBS Digital Cash and other digital cash projects is key for the financial industry, said Xiaonan Zhu, Head of #Digital Assets at UBS. According to the bank, the initiative will expand UBS's participation in various market initiatives.
These include Agorá, led by the Bank for International Settlements, and Helvetia, led by the Swiss National Bank, which involves the actual wholesale sale of the central bank's digital currencies in Swiss francs.
Read us at: Compass Investments
