UBS, Mizuho Trial Blockchain Payments with Swift Ledger

UBS and Mizuho Bank have successfully conducted test transactions on Swift's blockchain-based shared ledger. The initiative aimed to confirm operational processes for cross-border payments using the platform.

The test environment established on the ledger enabled UBS and Mizuho to conduct bilateral payments in Swiss francs and Japanese yen. These transactions verified how payments are processed on the ledger, as well as the necessary financial message format and technical requirements for connecting to the platform.

Mizuho noted that efforts to strengthen payment infrastructure through blockchain technologies are gaining momentum globally. The bank aims to accumulate practical insights from these tests to inform its consideration of on-chain cross-border payments.