CaixaBank has been selected to join Project Agorá, a public-private research project run by the Bank for International Settlements (BIS), unearthing new methods to transform international payments.
The Spanish multinational bank joins the Bank of France, Bank of Japan, Bank of Korea, Swiss National Bank, the Bank of England and many more to collaborate with selected firms to strengthen wholesale cross-border payments.
Project Agorá builds on the ledger concept proposed by the BIS to investigate how tokenisation can benefit bank deposits and how tokenised central bank money can impact the public-private programs of core financial platforms.
The exploration into new blockchain-based use cases has been felt across a majority of global banks, using tokenisation as a form of payment processor and harnessing its technology to tokenise real-world assets, such as mortgages and loans.
CaixaBank intends to leverage its knowledge of the Spanish market and its resources to overcome challenges that exist within the cross-border payment sector, aiming to streamline a more secure payment ecosystem.
Technology and innovation are at the forefront of CaixaBank’s latest developments. With 11.8 million digital banking users, the largest digital customer base in the Spanish financial sector, the bank creates new models that enable it to respond to the demands and needs of its customers.
In addition, CaixaBank, through its subsidiary CaixaBank Paymentsand Consumer, also serves the Iberian market, with more than 32 million cards issued and a share for invoicing in purchases of 30.3%.
