On June 4, 2019, the Bank of Japan and the European Central Bank released the outcome of phase three of their joint research project on distributed ledger technology (DLT), "Synchronised cross-border payments". The aim of the project was to establish whether cross-border payments could potentially be improved, especially in terms of safety, by using new technologies.
According to the report, cross-border payments in comparison with domestic payments are often characterised as slow and costly. Although initiatives to address inefficiencies of cross-border payments exist on the market, the safety aspects of transactions across payment ledgers remain a challenge.
The report concludes the following points, among others: