New York Innovation Center

As part of the Federal Reserve Bank of New York, the New York Innovation Center (NYIC), bridges the worlds of finance, technology, and innovation.

Launched in 2021 and established in partnership with the Bank for International Settlements (BIS) Innovation Hub, the NYIC generates insights into high-value central bank-related opportunities through technical research, experimentation, and prototyping, to drive advancements in central banking and enhance the functioning of the global financial system.

The NYIC Model: Delivering Progress Through Collaboration

The NYIC model leverages cross-functional teams, drawing on the subject matter expertise and capabilities of partners in the central banking community. The NYIC collaborates with experts across the Federal Reserve System, with the BIS Innovation Hub via the strategic partnership, academia, and the private sector.

  • Conducts extensive technical research to determine the focus needed to deliver high-impact value.
  • Develops bespoke experiments to test focused hypotheses and solution concepts.
  • Shares findings and further collaborates with partners to identify the next innovation opportunity.

The NYIC Team

Per von Zelowitz (Director), Morgan White (Strategist), Chris Desch (Architect), Jon Durfee (Product), Allison Riley (Product)

The Work


Project Cedar

Project Cedar is the inaugural project of the NYIC. It is a multiphase research effort to develop a technical framework for a theoretical wholesale central bank digital currency (wCBDC) in the Federal Reserve context. 


Regulated Liability Network U.S. Proof of Concept

The NYIC is participating in a proof-of-concept project along with members of the private sector to explore the feasibility of an interoperable network of digital central bank liabilities and commercial bank digital money using distributed ledger technology. 

If you want to find out more about our projects, please email

The strategic partnership will let the BIS Innovation Hub benefit from the Federal Reserve's expertise in innovation, and allow us to contribute our own global perspective to the work of the New York Innovation Center. We look forward to collaborating on projects and exchanges with the New York Innovation Center.

Agustín Carstens, BIS General Manager