Global financial institutions are set to test a new digital system for cross-border payments. This project, involving major banks and central banks, aims to make international money transfers faster and cheaper. The system will use blockchain technology for quick settlements. Officials emphasize getting the technology right before a full rollout. This initiative could significantly change how global finance operates.

(Bloomberg) -- The Bank for International Settlements and a cohort of partners will soon start testing a new prototype for digital cross-border payments with real-value…

The BIS launched active testing of Project Agorá, a tokenized cross-border payments prototype involving seven central banks and over 40 financial institutions.

Project Agorá, backed by major central banks, will now move toward "real-value" testing to settle tokenized central bank money and bank deposits on blockchain rails.

The BIS announces Project Agorá's successful prototype, proving tokenized central bank reserves can overhaul cross-border payments with atomic settlement.

Global financial institutions are set to test a new digital system for cross-border payments. This project, involving major banks and central banks, aims to make international…