According to Odaily, the International Settlement Bank has announced the launch of Project Rialto, aimed at improving traditional cross-border payments. The project seeks to strengthen instant cross-border payments by combining modular foreign exchange components with the settlement of Central Bank Digital Currency (CBDC).
The initiative is a collaborative effort between the Innovation Center of the International Settlement Bank and Singapore Centres, along with several central banks. The primary objective of this project is to address the current issues of high costs, slow speeds, and complexity associated with foreign exchange services.