Bank of Japan and European Central Bank Release Joint Research Project Report on Synchronised Cross-Border Payments

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:

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