The central bank also provided perspective on its goals. “The project will focus on overcoming common structural inefficiencies in cross-border payments today related to differing legal, regulatory, and technical requirements, operating hours and time zones, and varying financial integrity controls,” the Fed said in its release.
BIS said it would issue a call to private financial institutions, seeking expressions of interest for participation in the project. The Institute of International Finance will work to convene any interested participants. It expects to have financial institutions to represent each of the seven currencies, the BIS said.
