The Bank for International Settlements' collaboration with seven central banks and more than 40 institutions concludes a two-year project with a prototype settling wholesale payments in seconds.
The Bank for International Settlements (BIS) released a report Wednesday on Project Agorá, an experimental prototype for cross-border wholesale payment.
The BIS said the report shows how seven central banks and more than 40 regulated financial institutions can settle cross-border wholesale payments in seconds once liquidity is locked, while reducing credit and settlement risk through atomic settlement using tokenized central bank reserves and commercial bank deposits.
The initiative marks one of the broadest collaborations yet between central banks and private lenders, exploring how tokenization could modernize global payments infrastructure.
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