This is massive news! Yes it’s old news from 2017 but to most, this is brand new! Most people do not even know who UBS is so let’s start there.
UBS is a is a Swiss multinational investment bank and financial services company founded and based in Switzerland. UBS maintains a presence in all major financial centers as the largest Swiss banking institution in the world.
Here comes the good stuff! UBS has been working with R3 and Ripple to implement real-time cross-border payments since 2017.
Here is the full document you can read on what UBS is attempting to do.