Swiss banks claim first binding payment using public blockchain

(Reuters) -Three Swiss banks, including UBS, have carried out a binding payment using bank deposits and a public blockchain for the first time, the Swiss Bankers Association (SBA) said on Tuesday.

The payment was carried out as part of a feasibility study by PostFinance, Sygnum Bank and UBS.

"The results confirm the feasibility of payments between different institutions using blockchain technology," the SBA said in a statement.

In future, payments could "not only be processed immediately and definitively on a shared infrastructure but also be integrated directly into automated business processes," it added.

(Reporting by Marleen KaesebierEditing by Dave Graham)