BIS Invites Collaboration with Private Sector for Project Agorá

The Bank for International Settlements (BIS) is reaching out to financial institutions from the private sector to explore the application of tokenisation in wholesale cross-border payments. BIS – Fintech news

BIS calls on the private sector to join Project Agorá

The bank is actively seeking participants for Project Agorá, welcoming commercial banks, deposit-taking institutions, financial market infrastructures, and critical service providers to apply. The application window extends until May 31, with the final list of participants scheduled for announcement on August 9.

Project Agorá, initiated by BIS in April, aims to evaluate the feasibility of a multi-currency ledger for cross-border payments, as outlined in the private sector application form.

This project will assess solutions capable of consolidating tokenised commercial bank money and tokenised wholesale central bank money within a public-private programmable core financial platform.

“The implementation of such a platform could enhance the efficiency of the monetary system and introduce innovative solutions using smart contracts and programmability, while maintaining its existing two-tier structure,” states the bank’s invitation for participation.

Several prominent institutions, including the Bank of France, Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank, Bank of England, and the Federal Reserve Bank of New York, have already subscribed to the initiative. The Institute of International Finance (IIF) serves as the convener and intermediary for private sector participants.

Participants in the final cohort will be expected to contribute technical expertise to aid in the design of the platform and test various use cases for cross-border payments within a two-tiered banking system.

Cecilia Skingsley, head of the BIS Innovation Hub, emphasized the project’s aim to address the complexities inherent in integrating multiple payment systems, accounting ledgers, and data registries.

“We are committed to not only testing the technology but also evaluating its performance within the specific operational, regulatory, and legal frameworks of the participating currencies, in collaboration with financial institutions operating in those jurisdictions.”

Source: fintechfutures.com

dLocal, a prominent player in the cross-border payment sector with a focus on burgeoning markets, has unveiled an expansion of its collaboration with Deel, a leading HR and payroll platform, spanning 12 additional countries across Asia and the EMEA region. dLocal and Deel Extend Partnership to 12 Countries amidst Remote Work Surge

This expansion comes on the heels of a highly successful initial rollout across 19 countries in 2022, which witnessed a substantial surge in payment volumes and an impressive payment delivery rate of 99.97%.

Dan Westgarth, COO of Deel, remarked, “dLocal’s expertise in payments has been instrumental in our journey, and this significant expansion into high-growth markets is a testament to the quality of their services. We’ve been able to scale rapidly, on our terms, thanks to dLocal’s support.”

Under this enhanced partnership, dLocal will extend its services to Indonesia, Malaysia, Thailand, Vietnam, Ghana, Jordan, Kenya, Morocco, Saudi Arabia, South Africa, Turkey, and the United Arab Emirates. Additionally, dLocal will offer payout services in Brazil through PIX, a widely adopted instant payment method in Latin America.

Agustin Botta, Head of EMEA at dLocal, emphasized, “Our goal is to foster growth and opportunities for brands and individuals, and the collaboration with Deel perfectly aligns with this objective.”

Forging New Alliances

In addition to deepening its partnership with Deel, dLocal has recently forged alliances with other industry players. The company has partnered with Papaya Global, a leading payroll platform, to facilitate timely payments to employees, partners, freelancers, and suppliers in local currencies across the globe. By integrating dLocal’s payment capabilities into Papaya’s platform, the payment process is streamlined for their shared clients.

Furthermore, dLocal has joined forces with Ebury to bolster cross-border payments in Africa. Leveraging dLocal’s payment solution, Ebury can efficiently manage both incoming and outgoing payments while optimizing costs and delivery times. Additionally, dLocal provides extensive support to Ebury’s merchants navigating the complexities of emerging markets. As Ebury expands its footprint in these regions, the partnership with dLocal provides access to over 41 different markets through a single integration.

dLocal, a publicly traded company on NASDAQ, has successfully completed four funding rounds to date. In its latest and most substantial round in 2021, the company raised $150 million, achieving a valuation of $5 billion.

Source: financemagnates.com

A climate-focused fintech startup that promotes environmental conservation through its debit card usage has secured $2.5 million (£2 million) in funding.

Founded in 2019, Ekko intends to utilize the funding to recruit top-tier industry professionals who can contribute to product development and global expansion initiatives.

Fuel Ventures led the funding round, with additional investments from Sorven Partners, Mishcon de Reya, and existing backers. This follows Ekko’s previous pre-seed funding of £450,000 in 2021.

Co-founded by Oli Cook, Manish Vara, Simon Toller, and Tom Greenwood, Ekko has developed a unique debit card that monitors the carbon footprint associated with purchases.

Through partnerships with renowned organizations like Gold Standard, Conservation International, Tusk, and Prevented Ocean Plastic, Ekko plants trees and collects ocean-bound plastic with every consumer transaction. These conservation efforts are funded through a subscription fee ranging from £1.99 to £9.99 per month.

Moreover, Ekko has developed business-to-business (B2B) software to integrate into banking or checkout applications, enabling third parties to access its climate services.

Oli Cook emphasized Ekko’s scalability, anticipating the broader impact of the funding on product development and partnerships. He underscored the urgency of addressing climate change and Ekko’s mission to disrupt the market by empowering financial institutions to facilitate tangible environmental impact for their customers.

Ekko joins the ranks of other green fintech companies like Tandem and Tred, all committed to providing sustainable financial services.

Source: uktech.news