UBS develops new blockchain payment solution 11 November 2024US Reporter: Clelia Frondaroli
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UBS has successfully developed and piloted UBS Digital Cash, the company's latest blockchain-based payment solution.
The company says that UBS Digital Cash will facilitate efficient payment processing and greater transparency, as well as enable firms to manage intraday liquidity as a result of greater visibility of their total cash positions.
The pilot tested domestic transactions within Switzerland as well as cross-border payments in US dollars, euros and Chinese yuan, all of which proved to be successful.
Andy Kollegger, head of institutional and multinational banking at UBS, comments: ”UBS Digital Cash going forward aims to enable our clients to make cross-border payments in a much more efficient and transparent way.”
UBS head of digital assets and group treasury, Xiaonan Zou, adds: ”We see the interoperability between UBS Digital Cash and other digital cash initiatives as key for the financial industry. In addition to their role in correspondent banking, they also have the potential to streamline and simplify the settlement of tokenised assets in the capital market.”
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