UBS said it has successfully piloted a blockchain-based payment system, dubbed UBS Digital Cash, aimed at increasing the efficiency of cross-border transactions. In a statement, UBS said transactions with multinational clients and banks were conducted in the pilot, including domestic transactions in Switzerland and cross-border transfers in US dollars, Swiss francs, euros and Chinese yuan. UBS plans to further expand and develop UBS Digital Cash, which is understood to use a private blockchain network and is accessible only to licensed customers.