Circle joins forces with seven central banks to simplify crossborder payment process in response to the BIS blockchain project Agorá

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 collective 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 in the existing financial framework, the same transaction typically goes through multiple intermediary institutions. Project Agorá hopes to improve these situations by utilizing a “public-private programmable core financial platform”.