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Swiss bank UBS (UBSG.S) announced on Thursday the successful completion of a pilot for its blockchain-based payment system, UBS Digital Cash, designed to improve the efficiency of cross-border transactions. The pilot involved transactions with multinational clients and banks, covering domestic transfers within Switzerland as well as cross-border payments in U.S. dollars, Swiss francs, euros, and Chinese yuan, the bank said in a statement.
Andy Kollegger, Head of UBS Institutional &amp; Multinational Banking, emphasized that blockchain-based payment solutions for cross-border transactions are a strategic priority for UBS. “UBS Digital Cash going forward aims to enable our clients to make cross-border payments in a much more efficient and transparent way,” he said.
The pilot also enabled liquidity transfers between various UBS entities. UBS plans to further develop and expand UBS Digital Cash, which offers enhanced visibility into cash positions to help firms manage intraday liquidity and adjust liquidity buffers more effectively.
UBS Digital Cash operates on a private blockchain accessible only to approved clients, with settlements handled through smart contracts that automatically process payments when specific conditions are met.
In a complementary effort, <a href="https://www.unlock-bc.com/132139/chainlink-and-ubs-leverage-swift-network-for-tokenized-funds-settlement-trial/" rel="noopener noreferrer nofollow">UBS Asset Management recently collaborated with Swift and Chainlink</a> on a separate pilot aimed at streamlining tokenized fund transactions using blockchain. Launched under Singapore’s Project Guardian, this initiative explored integrating digital assets with fiat payment systems, facilitating automated subscription and redemption processes to address operational delays, reduce costs, and improve transparency.
Together, these initiatives reflect UBS’s comprehensive approach to integrating blockchain solutions across its offerings, advancing efficiency and transparency in both payments and asset management.
The post <a href="https://www.unlock-bc.com/132255/ubs-pilots-blockchain-based-system-for-enhanced-cross-border-payments/" rel="noopener noreferrer nofollow">UBS Pilots Blockchain-Based System for Enhanced Cross-Border Payments</a> appeared first on <a href="https://www.unlock-bc.com" rel="noopener noreferrer nofollow">UNLOCK Blockchain</a>.

UBS Pilots Blockchain-Based System for Enhanced Cross-Border Payments

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