Postfinance, Sygnim Bank and UBS have executed what they and the Swiss Bankers Association (SBA) describe as the first legally binding interbank payment using bank deposits on a public blockchain.
The feasibility study, coordinated by the SBA, tested a “deposit token” – a representation based on the blockchain of a payment instruction – for transversal payments and the payment of style paying towards the payment of token assets.
The purpose of the regulations occurred in the Swiss Inter -ban Compensation (SIC), while intelligent chain contracts coordinated the process on a public channel with authorized access, according to the official report of results.
Legally, the token is not a new form of money. Rather, it standardizes an instruction to pay the Swiss law which deletes a bank account and attributes another of the chain; Chain transfers never move complaints but trigger a colony supported by the SIC.
The results document describes how only one intelligent Ethereum contract shared with roles -based checks has enabled multibanic fungsibility, and compliance checks for LMA / CTF and sanctions have been integrated. Two use cases have been passed: customer payment to customer between institutions and an exchange of deposit tokens for token assets with automatic execution.
The report reports the limits, including dependence on the basic banks outside the chain, manual integrations and non -native design. He also maps the next steps, such as exploring “native” masters on the chain, the potential link with the CBDC wholesale or an automated RTGs, and a wider participation of the bank and the authority on a scale.
UBS said that proof shows that the interoperability of banks’ money via public blockchains “can become a reality”, aligning on the multi -year push of Switzerland in the tokenization.
It is a story in development.
This article was generated with the help of the AI and examined by the editor Jeffrey Albus before the publication.
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