Eurex Clearing to Participate in Project Agorá to Explore Tokenization

The project, launched by the Bank for International Settlements (BIS), a group of leading central banks, and the Institute of International Finance (IIF), aims to explore how tokenisation can enhance wholesale cross-border payments.

Project Agorá, which means “marketplace” in Greek, brings together seven central banks and a group of private financial firms to investigate the potential of tokenised commercial bank deposits and wholesale central bank money in a public-private programmable core financial platform.

It is said the platform could streamline cross-border payments by reducing inefficiencies and complexities associated with current processes.

“We are honored that Eurex Clearing is the sole CCP in this global project,” said Jens Janka, COO and Member of the Executive Board of Eurex Clearing. “We are committed to support enhancements that drive efficiency and reduce risks in global payments.”

Eurex explains that by leveraging the power of tokenisation, Project Agorá aims to address several challenges in cross-border payments, such as different legal, regulatory, and technical requirements, operating hours and time zones, and the complexity of financial integrity controls.

The project’s potential success could lead to improvements in the efficiency and effectiveness of global payments.