The Bank for International Settlements (BIS) and a group of strategic partners announced the imminent start of trials with real-value transactions using a new digital prototype for cross-border payments. The announcement, made this Wednesday by the Basel-based institution alongside seven central banks and more than 40 regulated institutions, marks the testing phase of the so-called “Project Agorá”, two years after its original conception.
This advancement seeks to modernize the global financial infrastructure through the use of blockchain technology to settle international interbank transfers in a matter of seconds. The project, which integrates a “unified ledger” concept, features the participation of giants such as the Federal Reserve Bank of New York, the European Central Bank, JPMorgan Chase, UBS, Mastercard, and Visa, promising to reduce costs and operational times without compromising current regulatory compliance controls.
The prototype demonstrates that tokenization can securely solve inefficiencies in wholesale cross-border payments. The consortium’s next step will be to execute these pilot tests with real money and incorporate new participants from the private sector.
Source: https://goo.su/sDOx8mF
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