UBS Pilots Blockchain-Based Digital Cash

UBS has successfully piloted a blockchain-based payment system, UBS Digital Cash, designed to improve the speed and efficiency of cross-border transactions for corporate and institutional clients. According to a story in MarketsMedia news, transactions with multinational clients and banks were successfully carried out, including domestic transactions within Switzerland and cross-border payments in US dollars, Swiss francs, Euros and Chinese yuan. In addition, the pilot also included the transfer of liquidity between various UBS companies. A key aim of the program is to improve the view of liquidity positions for corporate clients, which can often be fragmented due to delays in settlement. With UBS Digital Cash, the bank says companies should be able to manage intraday-liquidity and adjust liquidity buffers on their accounts more easily in the future, thanks to greater visibility of their total cash positions.