(Reuters) -Three Swiss banks, including UBS, have carried out a binding payment using bank deposits and a public blockchain for the first time, the Swiss Bankers Association (SBA) said on Tuesday. The
First Binding Payment Executed by Swiss Banks Using Public Blockchain
Swiss Banks and Blockchain Payments
(Reuters) -Three Swiss banks, including UBS, have carried out a binding payment using bank deposits and a public blockchain for the first time, the Swiss Bankers Association (SBA) said on Tuesday.
Details of the Payment
The payment was carried out as part of a feasibility study by PostFinance, Sygnum Bank and UBS.
Future Implications of Blockchain in Banking
"The results confirm the feasibility of payments between different institutions using blockchain technology," the SBA said in a statement.
In future, payments could "not only be processed immediately and definitively on a shared infrastructure but also be integrated directly into automated business processes," it added.
(Reporting by Marleen KaesebierEditing by Dave Graham)
