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Project Agorá, initiated by the Bank for International Settlements (BIS), has entered its design phase. More than 40 private financial institutions have joined efforts to create a cohesive programmable platform aimed at integrating tokenized commercial bank deposits with wholesale central bank digital currencies (CBDC).
The BIS has announced the expansion of Project Agorá, which commenced in early 2024 in collaboration with seven central banks. This initiative has now progressed to the design phase, with 41 private sector firms chosen by the Institute of International Finance (IIF) to take part.
New participants in Project Agorá include:
- payment leaders Visa, Mastercard, and SWIFT;
- the largest global banks Banco Santander, BNP Paribas, BNY, JPMorgan Chase Bank N.A., and Sumitomo Mitsui Banking Corporation;
- financial conglomerates Citi, Deutsche Bank AG, Groupe BPCE, HSBC, Standard Chartered, and UBS;
- SIX Digital Exchange (SDX), Monex Group, among others.
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The comprehensive list of new participants is available on the BIS website. The firms were selected based on rigorous criteria, the most significant of which include
- regulatory activities in one of the jurisdictions;
- involvement in cross-border payments processing;
- availability of innovative expertise.
The primary aim of Project Agorá is to tackle existing structural challenges in cross-border payments. Special focus will be given to issues like customer verification and AML compliance. The initiative intends to develop a consolidated ledger framework that merges tokenized commercial deposits with wholesale central bank digital currencies (CBDC). This unified platform is anticipated to minimize the number of intermediaries, optimize transactions, and accelerate execution.
Project Agorá is projected to be finalized by the end of 2025.
Project Agorá was launched in April 2024 with the involvement of the central banks from France, Japan, Switzerland, Korea, Mexico, England, and the Federal Reserve Bank of New York.
Сообщение BIS Expands Development of Unified Ledger for Cross-Border Payments появились сначала на CoinsPaid Media.
