Swiss bank UBS successfully tested the blockchain payment system UBS Digital Cash to enhance the efficiency of international transactions. The pilot project conducted operations with international clients and banks in US dollars, Swiss francs, euros, and Chinese yuan.
Andy Kollegger, head of UBS Institutional & Multinational Banking, emphasized the strategic importance of blockchain solutions for international payments. UBS plans to develop a system that will enable clients to better manage their intraday liquidity due to increased visibility of their cash positions. UBS Digital Cash uses a private blockchain network with access for authorized clients and automated smart contracts for settlements.
