A groundbreaking collaboration between banking giant JPMorgan, credit card company Visa, and major central banks from Japan and the US has been announced in support of a cutting-edge cross-border payment project led by the Bank of International Settlements (BIS), as reported by Bloomberg.
Known as Project Agora, this innovative cross-border payment program aims to revolutionize the efficiency of global payments by enhancing speed and transparency.
Through a unique public-private partnership, Project Agora seeks to transform the existing financial market infrastructure through the implementation of a unified ledger system.
One of the key focuses of this project is on tokenization, a technology that has gained significant traction within the crypto space. This advancement opens up new possibilities for transactions and financial arrangements.
The BIS is determined to move beyond the proof of concept phase with Agora, setting its sights on establishing a blueprint for a modern financial market infrastructure.
A comprehensive report outlining the outcomes of the project is slated for publication in 2025. Project Agora stands out as the most sophisticated blockchain initiative launched by the BIS, boasting a diverse range of participants.
In a related development, mBridge, another BIS project, successfully reached the minimum viable product (MVP) stage in June. Central banks from China, the UAE, Thailand, and Saudi Arabia are among the participants in this project, powered by the innovative mBridge Ledger designed specifically for cross-border payments.
Last year, the central banks of France, Switzerland, and Singapore collaborated with the BIS to explore the use of wholesale CBDCs for facilitating cross-border trades, marking a significant advancement in the realm of international payments.