Global Financial Institutions Join Central Banks in Project Agorá to Transform Cross-Border Payments

In a major collaborative initiative, more than 40 private sector financial institutions have teamed up with the Bank for International Settlements (BIS) and seven leading central banks to explore how tokenization can enhance wholesale cross-border payments. The initiative, known as Project Agorá, is facilitated by the Institute of International Finance (IIF) and aims to leverage digital technologies to create faster, more secure, and cost-efficient cross-border payment systems.
The BIS and IIF selected a diverse group of firms, meeting rigorous eligibility requirements, to participate in this groundbreaking project. These firms represent a broad spectrum of business models, sizes, and geographies, with expertise in cross-border payments and innovation.
The participating private sector institutions are:
- Amina Bank
- Banco Santander
- Banorte
- Banque Cantonale Vaudoise
- Basler Kantonalbank
- BBVA
- BNP Paribas
- BNY
- CaixaBank
- Citi
- Crédit Agricole CIB
- Deutsche Bank AG
- Eurex Clearing AG
- Euroclear S.A./N.V.
- FNBO
- Groupe BPCE
- Hana Bank
- HSBC
- IBK
- Intercam Banco
- JPMorgan Chase Bank N.A.
- KB Kookmin Bank
- Lloyds Banking Group
- Mastercard
- Mizuho Bank
- Monex
- MUFG Bank Ltd.
- NatWest Group
- NongHyup Bank
- PostFinance Ltd.
- SBI Shinsei Bank Ltd.
- Shinhan Bank
- SIX Digital Exchange (SDX)
- Standard Chartered
- Sumitomo Mitsui Banking Corporation
- Swift
- Sygnum Bank
- TD Bank N.A.
- UBS
- Visa
- Woori Bank
Project Agorá, meaning “marketplace” in Greek, is structured as a collaborative effort between the public and private sectors. Central banks involved in this initiative include the Bank of France (representing the Eurosystem), Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank, Bank of England, and the Federal Reserve Bank of New York. The IIF, acting as the private sector convener, will help guide this collaboration toward the successful implementation of tokenization in cross-border payments.
As the project enters its design phase, it aims to reshape the landscape of cross-border payments by enhancing efficiency, security, and scalability, representing a crucial step in the evolution of the global financial system.