Circle Responds to the BIS Blockchain Project Agorá Collaborates with Seven Central Banks to Simplify CrossBorder Payment Processes

Project Agorá recently launched a public call for the participation of private sector entities, hoping to overcome current payment challenges, especially in cross-border payments, through the joint efforts of public-private partnerships. Cross-border payments will also face challenges such as different legal, regulatory, and technical requirements, operational hours, and time zone differences. Furthermore, the complexity of implementing financial integrity controls (such as anti-money laundering and customer verification) is increased, as in the existing financial framework, the same transaction typically goes through multiple intermediaries. Project Agorá aims to improve these situations through a “public-private programmable core financial platform”.