UBS trials blockchain-based payment system

Swiss bank UBS (UBSG.S) announced that it has successfully piloted a blockchain-based payment system it has developed to improve the efficiency of cross-border transactions known as UBS Digital Cash.

In the pilot, transactions were carried out with multinational clients and banks, including domestic transactions in Switzerland and cross-border payments in US dollars, Swiss francs, euros and Chinese yuan, UBS said in a statement.

Andy Kollegger, head of UBS Institutional & Multinational Banking...