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UBS Leads Innovation Wave with Blockchain-Based Payment System Pilot

UBS Leads Innovation Wave with Blockchain-Based Payment System Pilot

Swiss bank large UBS has said that it has recently managing to test its blockchain, supply-chain payment system, known as UBS Digital Cash on a trial basis. This solution is a novel way of facilitating cross border activities and seeks to improve speed in the global financial landscape.

UBS Revolutionizes Cross-Border Payments with Blockchain Pilot

UBS Digital Cash was tested in several multinational companies and several partner banks as well during the pilot. This involved both intra Swiss operations and cross border operations in U.S dollars, Swiss francs, Euros as well as Chinese yuan.

UBS’s ambitions for the technology are to bring clarity to the previously opaque, time-consuming, and expensive method of making cross-border payments. With the use of digital asset and block chain the bank vision is to speed up cross border payment and cut on the fees charged.

The successful pilot means a lot for UBS in its application to revolutionize banking related facilities. The bank is ahead of the processing of the going digital payments revolution by embracing the global technology of block chain.

Even though UBS Digital Cash is launched in the pilot, it has already demonstrated its potential nice image 3. When advanced, the system can be of value added to existing form of banking system to the credit institution as well as their clients.

UBS Sets Sails for Blockchain-Driven Cross-Border Payments

Andy Kollegger, head of UBS’s institutional and multinational banking division signals blockchain-based payment schemes as strategic areas for the bank. Finally, with the aid of its innovative approach, UBS is targeting at making cross-border payment more efficient and transparent.

Kollegger further notes that through UBS Digital cash, it is intended to assist the different clients to conduct international transactions in a way which is faster and more transparent. Considered as an innovation, this blockchain application is designed to improve the payments of this Swiss bank for its global customers.

In this article, the authors also provide an example of the pilot business model of UBS Digital Cash by transferring liquidity between different companies of UBS, indicating its efficiency of internal operations. This specific pilot proves that this bank can continue its blockchain drive in the coming future.

They believe that block chain is promising hence would serve them to improve and enhance the UBS Digital Cash. Further, the bank seem to have other pathways on how to incorporate this solution futher in more complex financial contexts.

As the Firm goes on developing it’s digital payment solutions UBS sees clients gaining from enhanced efficient and cheaper cross border payments. Blockchain technology lies at the heart of this change and guarantee competitive advantage of the financial services industry.

UBS Digital Cash Revolutionizing Liquidity Management with Blockchain

UBS Digital Cash is built to provide firms with more control over their intraday financial balances. Because with increased focus on cash positions the system also aids businesses handle their liquidity buffers better.

It enables clients to directly determine their required level of cash holdings more freely throughout the day enabling it to cater for any financial transactions for the entire day. This increased exposure simplifies matters of decision making pertaining commerce liquidity.

Such solution implemented by UBS to use private blockchain network meaning that only accredited clients will be permitted to transact in the organized system. This makes it an extra layer of protection, which makes it a great tool for managing any financial details.

In UBS Digital Cash, the settlement of transactions takes place by enabling smart contract which pays on predefined conditions. Cross-border transactions are accelerated through this automation and, therefore, cuts out possibility of human error.

Therefore, by adding the apt elements of blockchain and smart contracts for its new product, UBS Digital Cash stands to become a premier liquidity management tool. The system seeks to adopt a new framework for cash flow in the firms in a way that will be efficient, secured and transparent.

Achaoui Rachid
Achaoui Rachid
Hello, I'm Rachid Achaoui. I am a fan of technology, sports and looking for new things very interested in the field of IPTV. We welcome everyone. If you like what I offer you can support me on PayPal: https://paypal.me/taghdoutelive Communicate with me via WhatsApp : ⁦+212 695-572901
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