CBDC Broadcast #14 - Project mBridge: Real-Value Transactions on a Cross-border CBDC Platform

About this Episode

Cross-border payments are traditionally slow, expensive and opaque. So, how is the Bank for International Settlements proposing to overcome these challenges through a multi-CBDC platform based on DLT technology?

In session 14 of FNA’s monthly webinar series, The CBDC Broadcast, guests Daniel Eidan (Bank for International Settlements) and Ousmène Jacques Mandeng (Accenture) join FNA to discuss Project mBridge, which aims to solve the challenges associated with cross-border payments through a CBDC platform based on new blockchain technology.

The platform aims to facilitate cheap, real-time peer-to-peer cross-border payments and foreign exchange transactions using multiple CBDCs while ensuring compliance with regulations set by each jurisdiction.

The session covered:

• The key objectives of the Project mBridge pilot and how they were achieved
• Accenture’s role in the development and implementation of Project mBridge, and the expertise offered
• How mBridge works and how the clearing and settlement of assets take place
• The customary blockchain developed by central banks for central banks forms the basis of the Bridge platform
• The results of the Project mBridge pilot in terms of transaction volume, speed, and cost-effectiveness and how they compare with existing cross-border payment and settlement solutions
• How Project mBridge handle cross-border regulatory compliance and ensure that all participants are following relevant laws and regulations