BIS and Central banks embark on major project to explore tokenisation of cross-border payments with the aim to increase the speed and integrity of international payments, while lowering costs

This major public-private partnership will seek to overcome several structural inefficiencies in how payments happen, especially across borders, which add a layer of challenges: different legal, regulatory and technical requirements, operating hours and time zones. Plus the increased complexity of carrying out financial integrity controls (e.g against money laundering and customer verification)…