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In a pioneering move, Swiss banks have collaborated to develop a first-of-its-kind deposit token system for blockchain-based payments. This initiative, led by the Swiss Bankers Association (SBA), PostFinance, Sygnum, and UBS, marks a significant stride towards modernizing the payment system.
The deposit token brings bank deposits onto the blockchain, enabling payments around the clock, fully integrated into digital processes, and capable of automation. The aim is to make blockchain-based payments more accessible to Swiss bank customers.
The feasibility study, completed in September 2025, explored two use cases: payments between customers of different banks and the automated exchange of assets via a trust-like process. The results confirmed that the technology works effectively and that payments are legally binding.
Martin Hess, Chief Economist and Head of the SBA's Digital Currencies Project, commented that the tested token is a strategic step towards the future of the payment system. Alexander Thoma, Head of Digital Assets at PostFinance, highlighted the practical implications, noting that the deposit token offers great potential for making payment transactions more efficient and secure for all parties in the future.
The deposit token concept aims to address limitations in today's payment systems for emerging digital business models. Potential applications for the deposit token include automated securities trading and machine-to-machine transactions in the Internet of Things.
The report serves as the foundation for a broader introduction and further development of the deposit token. The next phase of the project requires adjustments to the model and wider collaboration with other banks and authorities. The initiative signals a shift towards modernized, efficient financial infrastructure.
The report demonstrates that regulatory requirements and depositor protection can be met with the deposit token. This coordinated effort by Swiss banks represents a significant contribution to the development of future payment systems. The successful pilot completed in September 2025 clears the path for the next phase to make these payments widely accessible for Swiss bank customers.
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