Crypto Finance, AMINA Bank, and Incore Bank have now reached the second step of their pilot in the first phase on Google Cloud Universal Ledger (GCUL), transforming from a November 2025 proof-of-concept to handling real client transactions.
This pilot project features three Swiss-regulated financial institutions aiming to showcase how shared-ledger technology can integrate with existing payment infrastructure while maintaining compliance within regulatory frameworks.
The second phase demonstrated netting functionalities, which combine numerous transfers into single bank-to-bank clearing operations, enhancing settlement efficiency. Automated AML and sanctions screenings are now seamlessly integrated during transactions, ensuring adherence to regulations without compromising on data privacy or operational standards. It is important to note that no new forms of digital currency have been introduced.
Participation Roles, Architecture, and Future Plans
During this phase, Crypto Finance acted as the Currency Operator, setting governance rules, onboarding criteria, and transaction guidelines. Incore Bank and AMINA Bank then incorporated these capabilities into their operational frameworks within the regulated banking environment.
GCUL provides a private, permissioned ledger infrastructure from Google Cloud, facilitating secure automated domestic transfers that operate 24/7 without manual intervention.
Netting capabilities are particularly beneficial in cross-currency settlements, as they can significantly reduce the number of bilateral transactions into fewer clearing operations. For instance, AMINA Bank highlighted its presence in Switzerland, the EU, Hong Kong, Abu Dhabi, and the UK, underscoring potential global payment optimization applications.
Going forward, the partners intend to explore further use cases such as cross-currency settlement, foreign exchange workflows, and digital asset transfers.
Stijn Vander Straeten, CEO of Crypto Finance Group, stated that this pilot highlights a practical vision for a more interconnected financial system, featuring regulated banks, production-standard processes, and a shared-ledger layer that streamlines operations.
