Objective:
- Collaborate with private sector financial institutions to explore tokenisation in wholesale cross-border payments.
- Develop a multi-currency ledger for cross-border payments using tokenised commercial and wholesale central bank money.
Call for Participants:
- Targeted institutions: commercial banks, deposit-taking institutions, financial market infrastructures, and critical service providers.
- Application deadline: 31 May.
- Final list of participants to be announced on 9 August.
Project Goals:
- Test feasibility of a public-private programmable core financial platform.
- Enhance monetary system functioning through smart contracts and programmability while maintaining a two-tier structure.
Participating Central Banks:
- Bank of France, Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank, Bank of England, and Federal Reserve Bank of New York.
Support and Coordination:
- Institute of International Finance (IIF) as the convener and intermediary for private sector participants.
Responsibilities of Participants:
- Provide technical expertise in designing and testing the platform.
- Explore use cases for cross-border payments within a two-tiered banking system.
Statements and Aims:
- Cecilia Skingsley, head of BIS Innovation Hub, emphasizes addressing the integration of payment systems, accounting ledgers, and data registries.
- The initiative aims to test technology within specific operational, regulatory, and legal conditions of participating currencies.
