(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 payment was carried out as part of a feasibility study by PostFinance, Sygnum Bank and UBS.
“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)
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