Google Cloud Demonstrates Blockchain-Based Transfers Between Swiss Banks

Google Cloud has conducted a blockchain-based transfer demonstration of Swiss francs in collaboration with Swiss virtual asset company Crypto Finance. Crypto Finance utilized Google Cloud's distributed ledger platform, Google Cloud Universal Ledger (GCUL), to demonstrate account transfers between two Swiss bank clients. This demonstration focused on providing immediate transfer services to customers using tokenized deposits issued by banks. Instead of introducing existing stablecoins, the method involves transferring commercial bank deposits onto the blockchain. Two digital token issuers, a Swiss digital asset bank, and a Swiss bank supporting corporate transactions participated in the project. Crypto Finance established operational rules regarding interbank payments, integration with the Swiss Interbank Clearing (SIC) system, anti-money laundering, and regulatory compliance procedures. Transfers between customers are processed instantly, while interbank liabilities are settled through a delayed payment method that accumulates over a certain period. Google Cloud stated that it took less than three months to complete the integration of participating institutions' systems. This demonstration is focused on fund transfers between domestic commercial banks in Switzerland, and it is expected to expand its scope in the future to include real-time currency payments, automatic currency exchanges, and collateral management using tokenized assets.

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