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…