Template-Type: ReDIF-Paper 1.0
Author-Name: Rodney Garratt
Author-X-Name-First: Rodney
Author-X-Name-Last: Garratt
Author-Name: Priscilla Koo Wilkens
Author-X-Name-First: Priscilla
Author-X-Name-Last: Koo Wilkens
Author-Name: Hyun Song Shin
Author-X-Name-First: Hyun
Author-X-Name-Last: Song Shin
Title: Next generation correspondent banking
Abstract: Existing correspondent banking processes have struggled to adapt to new regulatory and supervisory requirements, posing questions on the future of the correspondent banking model.
The tokenisation of correspondent banking, as embodied in Project Agorá (BIS (2024b)), could unlock streamlined pre-screening and atomic settlement, and pave the way for superior customer verification and anti-money laundering (AML) procedures.
Tokenisation could substantially reduce duplication and miscoordination, thereby revitalising cross-border payments by fostering a robust network of correspondents and corridors.
Length: 9 pages
Creation-Date: 2024-05-30
File-URL: https://www.bis.org/publ/bisbull87.pdf
File-Format: Application/pdf
File-Function: Full PDF document
File-URL: https://www.bis.org/publ/bisbull87.htm
File-Format: text/html
Number: 87
Handle: RePEc:bis:bisblt:87