Swiss banks, including UBS, have successfully conducted a binding payment using bank deposits and a public blockchain for the first time, according to the Swiss Bankers Association. The payment was part of a feasibility study on the use of deposit tokens by PostFinance, Sygnum Bank, and UBS. Deposit tokens are bank deposits that have been tokenized on the blockchain, allowing clients to send tokens representing their bank deposits and settling their transactions. The study demonstrated that banks could cover counterparty risk, unlike JPMorgan, which had tokenized deposits that could only be used within the bank. The SBA expects payments to be processed on shared infrastructure and integrated directly into automated business processes in the future.