Core Insights - Swiss crypto bank AMINA Bank and Deutsche Börse's Crypto Finance Group have successfully completed a pilot on Google Cloud's Universal Ledger platform for real-time fiat currency payments settlement between Swiss banks [1][2] - The pilot demonstrated the potential of distributed ledger technology (DLT) to enhance traditional financial infrastructure without necessitating new digital currencies or regulatory changes [3][4] Group 1: Pilot Details - The pilot involved multiple unnamed banking partners and enabled 24/7 payment settlements while ensuring compliance with Swiss financial regulations [2] - Crypto Finance acted as the Currency Operator, facilitating bank onboarding and enforcing transaction rules [2] - AMINA integrated the system into its core banking platform, providing instant payment capabilities to select clients without altering front-end operations [2] Group 2: Technological Context - The initiative aligns with a global trend among financial institutions exploring blockchain technology to enhance the speed, cost-effectiveness, and transparency of cross-border payments and settlements [4] - Google’s Universal Ledger is designed for real-time settlement of traditional assets using distributed ledger technology, allowing banks to function within existing legal frameworks while delivering faster services [5] Group 3: Future Developments - The next phase of the pilot will focus on onboarding additional financial institutions, transitioning from testing to live operations, and expanding into consumer-facing applications such as point-of-sale and international payments [7] - This project follows Google Cloud's partnership with CME Group, which included a $1 billion investment to transition CME's trading systems to the cloud, laying the groundwork for Google's financial infrastructure initiatives [6]