UBS has successfully piloted its blockchain-based payment system, UBS Digital Cash, aimed at enhancing the efficiency and security of cross-border transactions for corporate clients. Utilizing a private blockchain, the system enables near-instant processing of payments through self-executing smart contracts, facilitating real-time transactions in multiple currencies. The initiative is part of UBS's broader digital cash strategy, which includes collaborations on central bank digital currencies and tokenized assets.
UBS and Swift have showcased the automated settlement of tokenized fund shares, enhancing efficiency in the fund industry. Collaborating with Chainlink, they demonstrated how Swift's payment network can facilitate off-chain transactions for tokenized assets, addressing delays in manual processing. This initiative is part of Singapore's Project Guardian, aiming to integrate digital assets with existing payment systems.
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