BIS and four central banks hail pilot trials of CBDCs in cross-border FX transactions

finextra.com:

The experiment was designed to operate across different jurisdictions and currencies, to explore the capabilities of distributed ledger technology and the application of CBDC in cross-border payments between commercial banks. By enabling peer-to-peer and instant exchange of multiple CBDCs on a single network, Project mBridge aims to solve long-standing inefficiencies in cross-border payments and foster greater financial inclusion and innovation in international payments.Earlier experiments with a prototype application demonstrated a substantial improvement in cross-border transfer speed from multiple days to seconds.

Second, the cost of such operations for users can also be reduced by up to half. At the time it was billed as a 'game changer' for countries with limited access to the correspondent banking network."Financial exclusion is not just a problem for individuals; it is also affecting economies," says Cecilia Skingsley, head of the BIS Innovation Hub.