Circle responds to the Bank for International Settlements blockchain project Agorá collaborating with seven central banks to streamline crossborder payment processes

Project Agorá has recently launched a public call for the participation of private businesses, hoping to overcome current payment challenges, especially in cross-border payments, through the joint efforts of public and private partners. Cross-border payments will also face 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) is also increasing, as in the existing financial framework, a single transaction typically involves multiple intermediary institutions. Project Agorá aims to improve these situations through a “public-private programmable core financial platform.”