Deutsche Bank and UBS Utilize Bundesbank's Trigger Solution for Settlement of Tokenized Deposit Payment

BlockBeats News, November 21st, UBS and Deutsche Bank announced that as part of the European Central Bank's wholesale DLT settlement trial, the two parties simulated a tokenized deposit payment between banks. The Bundesbank's Trigger solution enabled blockchain-based systems to connect to the Trigger Chain, thereby initiating payments on the Target2 payment system in central bank money.

Regarding tokenized deposits, the token was destroyed on the sending blockchain and minted on the receiving bank's blockchain. Two tests were conducted, one involving time-sensitive euro payments. The second simulated a GBP and CHF transaction between Deutsche Bank's London branch and UBS Group in Switzerland, with these transactions settling in euros.