by Garratt, Koo Wilkens and Shin: Existing correspondent banking processes have struggled to adapt to new regulatory and supervisory requirements, posing questions on the future of the correspondent banking model.
Key takeaways
The tokenisation of correspondent banking, as embodied in Project Agorá (
BIS (2024b)), could unlock streamlined pre-screening and atomic settlement, and pave the way for superior customer verification and anti-money laundering (AML) procedures.
- Tokenisation could substantially reduce duplication and miscoordination, thereby revitalising cross-border payments by fostering a robust network of correspondents and corridors.
BIS
full paper
© BIS - Bank for International Settlements
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