Circle responds to BIS blockchain project Agorá collaborates with seven central banks to simplify crossborder payment processes

Project Agorá recently announced the public solicitation for the participation of private businesses, hoping to overcome current payment challenges, especially in cross-border payments, through the joint efforts of public-private partnership. Cross-border payments will also face challenges such as different legal, regulatory, and technical requirements, operational hours, and time zone differences. In addition, the complexity of implementing financial integrity controls (such as anti-money laundering and customer verification) will also increase, as transactions are often repeated multiple times depending on the number of intermediaries involved in the existing financial framework. Project Agorá aims to improve these situations through a “public-private programmable core financial platform.”