The Bank for International Settlements and a consortium of partner central and commercial banks are moving Project Agorá into live testing, executing real-value cross-border transactions on a blockchain prototype for the first time. The shift from simulation to live settlement marks a significant milestone for the multi-year initiative, which aims to rewire the fragmented correspondent banking rails that currently underpin trillions of dollars in international payments.
Project Agorá brings together seven central banks — including the Federal Reserve Bank of New York, the Bank of England, the Bank of Japan, and the Bank of France — alongside more than 40 private financial institutions.
Frequently asked questions
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What are the expected benefits of Project Agorá for international payments?
Project Agorá aims to improve the efficiency of cross-border transactions by addressing the fragmentation in correspondent banking, which currently affects trillions of dollars in international payments.
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How many institutions are involved in the Project Agorá initiative?
The initiative involves seven central banks and over 40 private financial institutions, highlighting a significant collaboration in the financial sector.
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