JPMorgan, UBS Join BIS Blockchain-Based Plan to Overhaul Cross-Border Payments
- Seven central banks from US, euro area, Japan also particiapte
- Bank for International Settlements runs project with IIF
Agora is the largest and most complex of blockchain-based projects in terms of geographical scope and number of participants.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
The Bank for International Settlements has lined up some of the world’s largest banks and credit card companies for a blockchain-based project that aims to overhaul cross-border payments worldwide.
JPMorgan Chase & Co., Deutsche Bank AG, UBS Group AG, as well as Visa Inc. and Mastercard Inc., have signed up to the project, named Agora, which was launched in May. The full list of private-sector participants includes 41 companies that will join seven central banks from jurisdictions including the US, the euro area, Japan and England.