BIS to test automatic FX settlement in wholesale CBDC
Project will explore how interlinked payments systems can improve cross-border payments
The Bank for International Settlements (BIS) is to test an automated foreign exchange settlement in wholesale central bank digital currency (CBDC) payments.
The BIS’s Innovation Hubs in the Eurosystem and in Singapore will collaborate with “several central banks”. Project Rialto will also aim to explore how distributed ledger technology, CBDC and interlinked payment structures can interact to improve cross-border payments.
In previous BIS projects, the FX price was agreed off-platform.
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