Three major Swiss banks have successfully conducted the first interbank transaction using Tokenize deposits on a public blockchain.
Switzerland made history in blockchain finance when the Swiss Bankers Association (SBA) announced the success of an interbank payment pilot project using tokenized deposits. Postfinance, Sygnum Bank, and UBS completed a proof-of-concept test for Tokenize deposits, marking the first time banks have made legally enforceable payments between institutions on a public blockchain.
The SBA described the achievement as “a significant milestone for the entire financial center,” affirming the importance of this step in modernizing the national payment system. The project demonstrated the safe operation of Tokenize deposits in a real-world environment while meeting the strict compliance requirements of the banking industry.
Blockchain technology opens a new era for payments in Switzerland
The test included a range of complex scenarios, from direct payments between customers of participating banks to escrow-based crypto-asset exchanges. The results showed that Tokenize deposits can be seamlessly integrated with smart contracts, facilitating the automation of business processes from securities trading to insurance claims settlement.
Alexander Thoma, Head of Digital Assets at Postfinance, highlighted the potential of the technology to improve efficiency and security of transactions. He affirmed that blockchain technology is “perfectly suitable” for payment purposes and has full legal force, and pledged to continue developing this innovative solution.
Christoph Puhr of UBS praised the interoperability of bank money over public blockchains, saying that this would “open up the innovation space around tokenized assets” and accelerate the development of Tokenize assets. This success is not only significant for the Swiss market but also shapes the future of the global financial system.
The SBA notes that a full-scale implementation will require close coordination with multiple institutions and regulators, but the project is fully aligned with the Association’s digital currency development strategy. The success of the trial confirms Switzerland’s leading position in blockchain finance and opens up prospects for standardizing blockchain infrastructure in the national banking system.
