The Bank for International Settlements wrapped up a breakthrough test in July 2026, moving around CHF 800,000, roughly $1 million, across 17 different transaction types using tokenized central bank reserves and commercial deposits. The average transaction time clocked in at just 80 seconds, signaling a sharp leap in cross-border payment speed.
Twenty-eight financial players took part, including giants like JPMorgan Chase, Citi, UBS, Deutsche Bank, and central banks such as the Bank of England and Bank of Japan. These transactions spanned six currencies Swiss franc, euro, pound, yen, won, and US dollar and covered a variety of payments, from corporate transfers to payment-versus-payment (PvP) scenarios.
Powered by blockchain tech from Kaleido and tested by SIX, the trial proved not just concept but real execution with actual money, adhering to ISO 20022 messaging standards. This pushes forward Project Agorá's mission to overhaul sluggish correspondent banking systems by offering atomic, programmable settlement on an open-source platform.
With cross-border payments traditionally bogged down by delays and complexity, the Agorá trial’s results hint at faster, safer, and more transparent international money flows for banks and businesses alike.
This content is informational and not intended as financial advice.
