The Bank for International Settlements plans to use CBDC wholesale settlement to achieve instant cross-border payments

ChainCatcher message, to improve traditional cross-border payments, the Bank for International Settlements announced the launch of the project Rialto. This project aims to enhance instant cross-border payments by combining modular foreign exchange components with central bank wholesale digital currency (CBDC) settlement. The initiative is launched by the Bank for International Settlements Innovation Hub and the Singapore Centre in collaboration with several central banks, aiming to address the current challenges of high costs, slow speeds, and complexity in foreign exchange services.