The Swiss Bankers Association (SBA) announced on Sept. 16 that Postfinance, Sygnum Bank, and UBS successfully completed a proof of concept (PoC) for a deposit token, validating its use for legally binding payments across institutions. The SBA described the achievement as a historic development for the country’s financial system:

For the first time, banks have carried out a legally binding payment across institutions using bank deposits and a public blockchain – a milestone for the entire financial center.

The study marks the first cross-bank transaction of its kind and provides a foundation for a standardized blockchain infrastructure in Switzerland.

The PoC examined how tokenized bank deposits can function in real-world applications. Test scenarios included direct payments between customers of participating banks and escrow-like exchanges of tokenized assets. The results confirmed that deposit tokens on a public blockchain, combined with permissioned applications, can operate securely, meet compliance requirements, and support programmable conditions for payment execution.

By enabling smart contracts, such tokens could integrate seamlessly into automated business processes, from securities trading to insurance claim settlements, reducing risk and increasing efficiency. Alexander Thoma, Head Digital Assets at Postfinance, stated:

The deposit token offers great potential for making payment transactions more efficient and secure for all parties in the future. The proof of concept has shown that blockchain technology works for this purpose and is legally viable.

“We are ambitious to continue working on this innovative solution and to contribute PostFinance’s expertise in the area of payment transactions and digital assets,” he added.

Executives also stressed the broader implications for tokenized markets and financial innovation. Christoph Puhr, Digital Assets Lead at UBS, explained: “The PoC demonstrates that interoperability of bank money via public blockchains can become a reality, enabling innovation around tokenized assets. This accelerates innovation in tokenized assets and makes it possible to actively shape the future of financial systems—both nationally and globally.” The SBA emphasized that while full-scale deployment will require coordination with more institutions and regulators, the project aligns with its strategic focus on digital currencies and underlines Switzerland’s push to lead in blockchain-enabled finance.

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