Project Agorá, led by the Bank for International Settlements, has completed a live cross-border payments test, according to The Block. The pilot involved five central banks and 28 commercial banks, including JPMorgan, Citi, UBS, Deutsche Bank and Standard Chartered. It used tokenized central bank reserves and commercial bank deposits to process about $1 million in real transactions. The test covered six currencies: the U.S. dollar, euro, British pound, Japanese yen, Swiss franc and South Korean won. Average settlement time came in at about 80 seconds. The trial ran on a shared ledger that let banks complete transactions on a single record, and it also tested synchronized foreign-exchange settlement designed to reduce counterparty risk. Project Agorá is one of several wholesale tokenization efforts exploring how digital technology could modernize the infrastructure of global financial markets.
Project Agorá, led by the Bank for International Settlements (BIS), has completed a live test for cross-border payments, according to The Block. The exercise involved five central banks and 28 commercial banks, including JPMorgan, Citi, UBS, Deutsche Bank and Standard Chartered.
The test used tokenized central bank reserves and commercial bank deposits and processed about $1 million in real transactions. It covered six currencies: the U.S. dollar, euro, British pound, Japanese yen, Swiss franc and South Korean won. Average settlement time was about 80 seconds.
The trial used a shared ledger that allowed banks to complete transactions on a single record. It also tested synchronized foreign-exchange settlement to reduce counterparty risk. Project Agorá is one of several wholesale tokenization initiatives aimed at exploring how digital technology can modernize the infrastructure of global financial markets.
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