Project Agorá recently issued a call for participation from private enterprises, hoping to overcome current payment challenges, especially in cross-border payments, through the joint efforts of public-private partnerships. Cross-border payments will face different legal, regulatory, and technical requirements, as well as operational time and time zone differences. Additionally, the complexity of implementing financial integrity controls (such as anti-money laundering and customer verification) is increased, as under the existing financial architecture, the same transaction typically involves multiple intermediary institutions. Project Agorá aims to improve these situations through a “public-private programmable core financial platform.”
Circle responds to the International Settlement Banks blockchain project Agorá collaborates with seven central banks to simplify crossborder payment processes