Swiss Banking Giants Complete Blockchain Study for Bank Deposits

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Some of Switzerland’s largest banks completed a proof-of-concept (PoC) that tested blockchain technology and smart contracts for interbank payments, marking what they said was the first legally binding bank payment via a public blockchain.

Under the umbrella of the Swiss Bankers Association (SBA), UBS, PostFinance and Sygnum Bank conducted a feasibility study on blockchain-based deposit tokens and payments infrastructure, the SBA announced Tuesday.

The test initiated an offchain fiat money transfer triggered by payment instructions tokenized on the…



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Swiss Banking Giants Complete Blockchain Study for Bank Deposits


Some of Switzerland’s largest banks completed a proof-of-concept (PoC) that tested blockchain technology and smart contracts for interbank payments, marking what they said was the first legally binding bank payment via a public blockchain.

Under the umbrella of the Swiss Bankers Association (SBA), UBS, PostFinance and Sygnum Bank conducted a feasibility study on blockchain-based deposit tokens and payments infrastructure, the SBA announced Tuesday.

The test initiated an offchain fiat money transfer triggered by payment instructions tokenized on the…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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