Deployments · platform by Bank for International Settlements
BIS Project AgoráUpdated 28 Oct 2026
A BIS Innovation Hub project with central banks and more than 40 private financial institutions that built a shared programmable platform combining tokenised commercial bank deposits with tokenised central bank reserves for wholesale cross-border payments. After a prototype report in May 2026, a real-value test in July 2026 ran 30 transactions worth about CHF 800,000 in six currencies, settling in around 80 seconds on average.
AnnouncedProof of conceptPilotLive (limited)Live (scaled)
Pilot since Jul 2026[1] — Small controlled real-value test; the project page says testing will continue. · Reviewed 24d ago
- Assets
- [2]Tokenised central bank reserves
- Networks
- Use cases
- Cross-border payments[1]FX settlement[1]
- Jurisdictions
- Global, United Kingdom, France, Japan, South Korea, Switzerland, United States
Participants
- Bank for International SettlementsPlatform provider, Operator[1]Switzerland
- Bank of EnglandIssuer[1]United Kingdom
- Banque de FranceIssuer[1]France
- Bank of JapanIssuer[1]Japan
- Bank of KoreaIssuer[1]South Korea
- Swiss National BankIssuer[1]Switzerland
- Institute of International FinanceLegal or professional adviser[1]United States
- SIXOperator[1][3]Switzerland
- KaleidoTechnology provider[1]United States
- Basler KantonalbankIssuer[1]Switzerland
- BNP ParibasIssuer[1]France
- BNYIssuer[1]United States
- CaixaBankIssuer[1]Spain
- CitiIssuer[1]United States
- Deutsche BankIssuer[1]Germany
- Eurex ClearingCounterparty[1]Germany
- Hana BankIssuer[1]South Korea
- J.P. MorganIssuer[1]United States
- KB Kookmin BankIssuer[1]South Korea
- Lloyds Banking GroupIssuer[1]United Kingdom
- MizuhoIssuer[1]Japan
- MUFGIssuer[1]Japan
- NatWestIssuer[1]United Kingdom
- NH NongHyup BankIssuer[1]South Korea
- PostFinanceIssuer[1]Switzerland
- Shinhan BankIssuer[1]South Korea
- Standard CharteredIssuer[1]United Kingdom
- SMBCIssuer[1]Japan
- TD BankIssuer[1]United States
- UBSIssuer[1]Switzerland
- Woori BankIssuer[1]South Korea
- Banco de MéxicoIssuer[3]Mexico
- Federal Reserve Bank of New YorkIssuer[3]United States
- AMINA BankCounterparty[3]Switzerland
- Banco BVCounterparty[3]Brazil
- Banco SantanderCounterparty[3]Spain
- BanorteCounterparty[3]Mexico
- Banque Cantonale VaudoiseCounterparty[3]Switzerland
- BBVACounterparty[3]Spain
- CommerzbankCounterparty[3]Germany
- Crédit Agricole CIBCounterparty[3]France
- EuroclearCounterparty[3]Belgium
- FNBOCounterparty[3]United States
- Groupe BPCECounterparty[3]France
- HSBCCounterparty[3]United Kingdom
- Industrial Bank of KoreaCounterparty[3]South Korea
- MastercardCounterparty[3]United States
- SBI Shinsei BankCounterparty[3]Japan
- SwiftCounterparty[3]Belgium
- SygnumCounterparty[3]Switzerland
- VisaCounterparty[3]United States
- The BIS report names seven central banks and 42 private sector participants; all are recorded except Monex, as the source does not say which Monex entity. The project page (May 2026) counts eight central banks without naming the eighth.[3]
Metrics
- ~CHF 800,000Real-value test payments · as of Jul 2026[1]
- 30 transactionsReal-value test transactions · as of Jul 2026[1]
- ~$1mReal-value test value · as of Jul 2026[4]Trade press rounding of the same test.
Timeline
- Happened Jul 2026 (month only) · First transaction · recorded 11 Oct 2026Real-value test with 28 institutions and central banks; 30 transactions across 17 scenarios in CHF, EUR, GBP, JPY, KRW and USD.[1]
- Happened 27 May 2026 · Production milestone · recorded 11 Oct 2026BIS publishes the prototype and project report showing atomic multi-currency settlement of deposits against reserves on one platform.[2]
Sources
- [1]Project Agorá — Bank for International Settlements, 2026. Accessed 11 Oct 2026.A
- [2]Project Agorá: a shared programmable platform for wholesale cross-border payments — Bank for International Settlements, 27 May 2026. Accessed 11 Oct 2026.A
- [3]Project Agorá: a shared programmable platform for wholesale cross-border payments (report PDF) — Bank for International Settlements, 27 May 2026. Accessed 28 Oct 2026. Cover lists the 42 private sector project participants; chapter 1 names the seven central banks..A
- [4]Banks settle USD 1 mln in BIS tokenised payments pilot — The Paypers, 3 Aug 2026. Accessed 11 Oct 2026.C
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