UBS Successfully Implements Blockchain-Based Payment System

Swiss bank UBS has developed and successfully completed a pilot test of UBS Digital Cash, a blockchain-based payment system. This innovative system seeks to improve the efficiency and transparency of cross-border transactions for corporate and institutional clients. UBS Digital Cash enables domestic transactions in Switzerland and international payments in multiple currencies, including U.S. dollars, Swiss francs, euros, and Chinese yuan. Operating on a private blockchain network accessible only to authorized customers, settlements are made by smart contracts that automate payments when specific conditions are met. Andy Kollegger, head of Institutional and Multinational Banking at UBS, highlighted that this solution aligns with the bank's strategic approach to improving cross-border payments. UBS plans to expand and further develop this payment system in the world