Project Agorá Prototype Shows Tokenisation Improves Cross-Border Payments
Project Agorá, a public-private collaboration led by the Bank for International Settlements (BIS) and the Institute of International Finance (IIF), has successfully delivered a prototype demonstrating that tokenisation and programmability can enhance wholesale cross-border payments. Involving seven central banks and over 40 financial institutions, the prototype enables atomic, multi-currency settlement using tokenised central bank reserves and commercial bank deposits on a shared platform. The project will now advance to real-value testing, with the Bank of Canada joining.
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Canada joins central banks' multi-currency blockchain project
The Bank of Canada has joined Project Agorá, a multi-currency blockchain initiative launched in 2024 by the Bank for International Settlements and seven major central banks. A new report from the project participants states that tokenisation can help combat inefficiencies in wholesale cross-border payments, and that atomic settlement is 'achievable securely across currencies and jurisdictions.' However, the report notes that 'multiple governing laws' may apply throughout, and questions about ledger governance remain unanswered. The project aims to leverage blockchain technology to improve the speed and efficiency of cross-border financial transactions among central banks.
HomeProject Agorá Shows Tokenisation Can Improve Wholesale Cross-Border Payments; Work to Advance to Real-Value Testing
Project Agorá, a public-private collaboration convened by the Bank for International Settlements (BIS) and the Institute of International Finance (IIF), has published a report demonstrating that tokenisation can address inefficiencies in wholesale cross-border payments. The prototype achieved atomic settlement of multi-currency transactions using tokenised central bank reserves and commercial bank deposits, preserving safety and finality across seven jurisdictions. Key findings include a layered architecture allowing central bank autonomy, privacy safeguards, and legal settlement finality. The project will advance to real-value testing with certain currencies and participants. The Bank of Canada has joined, and additional private sector participation is expected. The modular design also enables future enhancements in compliance and fraud detection.
All categoriesProject Agorá Shows How Tokenisation Can Improve Wholesale Cross-Border Payments; Work Will Advance to Real-Value Testing
Project Agorá, a public-private collaboration convened by the Bank for International Settlements (BIS) and the Institute of International Finance (IIF), has published a report demonstrating that tokenisation can address long-standing inefficiencies in wholesale cross-border payments. The prototype shows that atomic settlement—completing transactions on an all-or-nothing basis—is achievable securely across multiple currencies and jurisdictions using tokenised central bank reserves and commercial bank deposits. Key findings include a layered architecture preserving central bank autonomy, privacy safeguards, and legal settlement finality across all seven participating jurisdictions. The project will advance to real-value testing with certain currencies and participants, and the Bank of Canada has joined. Over 40 private sector financial institutions and seven central banks (Bank of England, Federal Reserve Bank of New York, Bank of France, Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank) are involved.
All categoriesProject Agorá: A Shared Programmable Platform for Wholesale Cross-Border Payments
Project Agorá, a public-private collaboration convened by the Bank for International Settlements (BIS) and the Institute of International Finance (IIF), has successfully delivered a prototype demonstrating how tokenisation and programmability can enhance wholesale cross-border payments. The project involved seven central banks and over 40 regulated financial institutions. The prototype shows that tokenised commercial bank deposits can be combined with tokenised central bank reserves on a shared platform, enabling atomic, multi-currency settlement that could operate around the clock. By using smart contracts, the platform embeds workflow logic, compliance requirements, and conditional payment triggers directly into transactions, reducing reconciliation burdens, manual intervention, and operational frictions. The project will now advance to real-value testing, potentially unlocking new capabilities such as conditional and always-on wholesale cross-border payments.
All categoriesProject Agorá: A Shared Programmable Platform for Wholesale Cross-Border Payments
Project Agorá, a public-private collaboration convened by the Bank for International Settlements (BIS) and the Institute of International Finance (IIF), has successfully delivered a prototype demonstrating that tokenised commercial bank deposits can be combined with tokenised central bank reserves on a shared platform. The prototype enables atomic, multi-currency settlement of wholesale cross-border payments on an around-the-clock basis. By leveraging smart contracts, the platform embeds workflow logic, compliance requirements, and conditional payment triggers directly into transactions, reducing reconciliation burdens, manual intervention, and operational frictions. The project involved seven central banks and over 40 regulated financial institutions. The work will advance to real-value testing, potentially unlocking new capabilities such as conditional and always-on wholesale cross-border payments.
All categoriesProject Agorá: A Shared Programmable Platform for Wholesale Cross-Border Payments
Project Agorá, a public-private collaboration convened by the Bank for International Settlements (BIS) and the Institute of International Finance (IIF), has successfully delivered a prototype demonstrating how tokenisation and programmability can enhance wholesale cross-border payments. The collaboration included seven central banks and over 40 regulated financial institutions. The prototype shows that tokenised commercial bank deposits can be combined with tokenised central bank reserves on a shared platform, enabling atomic, multi-currency settlement that could operate around the clock. By leveraging smart contracts, the platform embeds workflow logic, compliance requirements, and conditional payment triggers directly into transactions, reducing reconciliation burdens, manual intervention, and operational frictions. The project also unlocks new capabilities such as conditional and always-on wholesale cross-border payments. The work will now advance to real-value testing.
All categoriesProject Agorá Shows Tokenisation Can Improve Wholesale Cross-Border Payments; Real-Value Testing Next
Project Agorá, a public-private collaboration led by the BIS and IIF involving seven central banks and over 40 private financial institutions, has published a report demonstrating that tokenisation can address inefficiencies in wholesale cross-border payments. The prototype achieved atomic settlement (all-or-nothing) of multi-currency transactions using tokenised central bank reserves and commercial bank deposits, while preserving settlement safety and finality. Key findings include a layered architecture allowing central bank autonomy, privacy safeguards, and legal settlement finality across all participating jurisdictions. The project will advance to real-value testing with certain currencies and participants. The Bank of Canada has joined, and additional private sector participation is expected.
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