AMINA, Crypto Finance Group complete Google Cloud pilot for real-time fiat settlement

Swiss bank AMINA and Deutsche Börse's Crypto Finance Group have completed a pilot program for real-time fiat currency settlements using Google Cloud's Universal Ledger, CoinDesk reported. The pilot demonstrated that banks can process 24-hour inter-institutional payments in compliance with Swiss financial regulations without needing to create a new digital currency. The companies stated that the test aimed to show how distributed ledger technology (DLT) can upgrade existing financial infrastructure without introducing new forms of digital currency or requiring a complete overhaul of current regulations. Google's Universal Ledger is a cloud-based system designed for the real-time settlement of existing assets on a distributed ledger.