Circle responds to the Bank for International Settlements blockchain project Agorá collaborates with seven central banks to streamline crossborder payment processes

Project Agorá has recently announced an open call for participation from private businesses, aiming to overcome the current challenges in payments, especially in cross-border transactions, through the collaborative efforts of public and private partners. Cross-border payments are faced with 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 the same transaction typically goes through multiple intermediaries within the existing financial framework. Project Agorá hopes to address these issues through a “public-private collaborative programmable core financial platform.”