The Bank for International Settlements (BIS) has published its report on Project Agorá. This experimental prototype aims to facilitate cross-border wholesale payments, bringing together seven central banks and over 40 regulated financial institutions. Research results indicate that once liquidity is locked, payments can be finalized within seconds. This is reported by Cointelegraph.com .
The project implements an "atomic settlement" system using tokenized central bank reserves and commercial bank deposits. This method reduces credit and settlement risks, as all balance updates occur simultaneously or not at all. This initiative is one of the largest collaborations aimed at modernizing global payment infrastructure.
According to FXC Intelligence, the volume of cross-border payments reached $195 trillion in 2024 and is expected to reach $320 trillion by 2032. Project Agorá aims to solve problems related to the slowness and high cost of international transactions. The system is based on a two-tier blockchain architecture that preserves the singleness of money and the two-tier banking system.
The platform also allows for anti-money laundering (AML), sanctions, and fraud verification processes to be carried out in parallel rather than sequentially. This reduces the level of false positives in current systems. The BIS is currently moving to the phase of testing the project with real currencies and transactions.
It is noted that further work needs to be carried out within the project in areas such as cybersecurity, governance, and data security. The platform is designed to operate 24/7, eliminating delays caused by time zone differences across various jurisdictions.
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