Circle Responds to BIS Blockchain Project Agorá Collaborates with Seven Central Banks to Simplify CrossBorder Payment Processes

Project Agorá recently announced an open call for participation from private businesses, aiming to address the current challenges in payments, especially in cross-border payments, through the collaborative efforts of public and private partners. Cross-border payments face various challenges such as different legal, regulatory, and technical requirements, operational hours, and time zone differences. Additionally, the complexity of implementing financial integrity controls (such as anti-money laundering and customer verification) increases as transactions typically involve multiple intermediaries within the existing financial infrastructure. Project Agorá seeks to improve these situations through a “public-private operated programmable core financial platform”.