BIS Tokenizes Cross-Border Payments at Record Speed

The Bank for International Settlements (BIS) has successfully tested tokenized wholesale cross-border payments using real money. The trial, part of Project Agorá, involved 28 financial institutions and central banks settling approximately CHF 800,000 (around $1 million) across 17 transaction scenarios using tokenized central bank reserves and commercial bank deposits.

Payments in six currencies were completed in an average of 80 seconds. This demonstrates how tokenization could make international settlements faster, safer, and more transparent.

The testing involved corporate payments, interbank transfers, intragroup transactions, dual-currency settlements, and payment-versus-payment (PvP) transactions using Swiss francs, euros, British pounds, Japanese yen, South Korean won, and U.S. dollars.