UBS has successfully piloted a blockchain-based payment system called UBS Digital Cash, aimed at improving the efficiency of cross-border transactions. In a statement, UBS said it conducted transactions with multinational customers and banks during the pilot, including domestic transactions in Switzerland and cross-border payments in US dollars, Swiss francs, euros and Chinese yuan. UBS plans to further expand and develop UBS Digital Cash, which reportedly uses a private blockchain network that only authorized customers can access.