Swiss bank UBS has reported that it has successfully tested a blockchain-based payment system, UBS Digital Cash, that it developed to improve the efficiency of cross-border transactions.
UBS said in a statement that during the pilot test, transactions were conducted with multinational clients and banks, including domestic transactions in Switzerland and cross-border payments in US dollars, Swiss francs, euros, and Chinese yuan.
At the same time, UBS said it plans to expand and develop UBS Digital Cash.
According to the bank, the system should allow firms to manage intraday liquidity and adjust liquidity buffers in their accounts more quickly due to increased visibility of their cash positions.