BIS shows how to automate cross-border payment compliance
Innovation Hub completes proof of concept with Asia-Pacific countries
The Bank for International Settlements (BIS) has demonstrated the possibility of automating compliance procedures for cross-border financial transactions.
Project Mandala, jointly run by the BIS Innovation Hub and four central banks, aims to develop a common protocol to encode specific policy and regulatory requirements in different jurisdictions. It aims to use a “compliance-by-design” approach to increase the speed and efficiency of cross-border payments.
The central banks involved are the
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