Several of Switzerland's largest banks have completed a proof of concept (PoC) testing the application of blockchain technology and smart contracts in interbank payments, marking what they claim to be the first legally binding bank payment conducted via a public blockchain.
Under the leadership of the Swiss Bankers Association (SBA), UBS Group, PostFinance, and Sygnum Bank conducted a feasibility study on blockchain-based deposit tokens and payment infrastructure, with the SBA announcing the news on Tuesday.
The test initiated an off-chain fiat currency transfer, triggered by tokenized payment instructions on the blockchain as "deposit tokens." The first use case executed payments between participating bank clients, while the second tested a custodial-like process that exchanged deposit tokens for tokenized real-world assets (RWA) and automatically processed transactions.
The announcement referred to this test as the first time banks have executed legally binding payments between institutions using bank deposits and a public blockchain.
The SBA stated that the underlying smart contracts of the system could achieve "verifiable processes, technical security, and regulatory compliance," adding that a public blockchain with permissioned applications could trigger "legally binding" payments.
While the results confirmed the "feasibility" of using blockchain technology for institutional payments, scalability requires "additional design adjustments and more collaboration with other banks, infrastructure providers, and regulators," the SBA added.
This successful study may indicate that large financial institutions are showing increased interest in blockchain-based payment rails, accelerating the convergence of traditional finance and decentralized finance (DeFi).
Founded in 1912 in Basel, the SBA is the umbrella organization for Swiss banks, comprising about 265 organizations and over 12,000 individuals.
The study indicates that interoperability between traditional bank deposits and public blockchains is becoming a "reality," said Christoph Puhr, head of digital assets at UBS Group.
"This accelerates the innovation of tokenized assets and makes it possible to actively shape the future of the financial system—both domestically and globally," he added.
In the United States, central banks are also experimenting with smart contracts and blockchain infrastructure.
In May, a joint study by the Federal Reserve Bank of New York's Innovation Center and the Bank for International Settlements (BIS) Innovation Hub in Switzerland found that smart contracts could provide central banks with flexible and responsive tools in a tokenized financial system.
"The smart contract toolkit is both fast and flexible," the BIS wrote. "In hypothetical scenarios, central banks can instantly add and change tools."
The BIS report also acknowledged that central banks may face infrastructure challenges, as most existing systems lack advanced use cases.
Related: Coinbase claims stablecoins have not drained bank deposits—this assertion is a "fallacy."
Original article: “Swiss Banks Complete First Legally Binding Payment Based on Blockchain”
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