AMINA Bank and Crypto Finance successfully pilot distributed ledger technology for near-instant, compliant financial transactions on Google Cloud Universal Ledger platform.
Swiss Financial Institutions Demonstrate Cross-Border Payments Using Google Cloud Ledger
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Swiss financial institutions AMINA Bank and Crypto Finance have completed a pilot program demonstrating distributed ledger technology’s (DLT) potential to modernize cross-border payments. Conducted on the Google Cloud Universal Ledger (GCUL) platform, the pilot enables near-real-time, 24/7 settlement of transactions between Swiss-regulated banks while maintaining traditional banking security and compliance standards.
The pilot addresses critical inefficiencies in global payment systems, showcasing how DLT can facilitate faster, more cost-effective transactions without creating new digital currencies. “Google Cloud’s GCUL is proof that innovation and stability aren’t mutually exclusive,” said Franz Bergmueller, AMINA Bank’s CEO. The next phase aims to scale the platform by onboarding additional financial institutions and exploring advanced cross-border payment capabilities.
Read More: Google Cloud Launches Universal Ledger to Accelerate Payments Innovation
🧭 FAQs
• Where was this pilot conducted? Switzerland, involving Swiss-regulated financial institutions.
• What technology enables these transactions? Google Cloud Universal Ledger (GCUL) distributed ledger platform.
• How fast are the transactions? Near-real-time, 24/7 settlement capabilities.
• What makes this pilot significant? Modernizes payments without disrupting existing regulatory frameworks.
