The Bank for International Settlements (BIS) released a report Wednesday on Project Agorá, an experimental prototype for cross-border wholesale payment.

The BIS said the

“The prototype also enhances transparency. All parties to a transaction have access to real-time payment status, while maintaining privacy from non-participating entities,” the BIS stated in the report, adding that, in the future, such visibility could be extended to end users, including debtors and creditors.

Participating central banks include the Banque de France representing the Eurosystem, the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Federal Reserve Bank of New York via its New York Innovation Center and the Bank of England.

Earlier this month, the Bank of England proposed extending settlement hours for its RTGS and CHAPS systems as part of a broader push toward near-24/7 settlement.

Deputy Governor Sarah Breeden also said shared ledgers and tokenization could make payments and settlement faster and cheaper, with fewer intermediaries and shorter settlement windows.

Cointelegraph reached out to the BIS media team for comment on implementation timelines and governance plans, but had not received a response by publication.

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