Mandala Project: A Milestone in Automated Compliance
Recently, the "Mandala Project" launched by the Bank for International Settlements (BIS) in collaboration with several central bank partners has entered the proof of concept phase, ushering in a new era of automatic compliance in cross-border payments. This project embeds complex compliance checks into cross-border transaction agreements and provides privacy protection and efficient solutions for compliance checks between different jurisdictions through zero-knowledge proof technology.
The Mandala Project has received support from several central banks, including the Reserve Bank of Australia, Bank of Korea, Central Bank of Malaysia, and Monetary Authority of Singapore (MAS). As the project progresses, cross-border payments will welcome a new round of innovative breakthroughs. The project aims not only to improve transaction efficiency but also to enhance the G20's implementation of priority actions on cross-border payments.
Zero-Knowledge Proof: A Win-Win for Compliance Checks and Privacy Protection
One of the core technologies of the Mandala Project is "zero-knowledge proof," which allows compliance checks to verify compliance while protecting transaction details. Zero-knowledge proofs allow participants in a transaction to confirm compliance with regulatory standards without disclosing specific information. For example, the prover can demonstrate that the transaction meets compliance requirements without providing detailed transaction information, thus ensuring data privacy and compliance transparency.
This mechanism helps financial institutions share and verify relevant compliance requirements for cross-border transactions in real time through a peer-to-peer information transmission system. Compliance data is stored in a central repository of the system, combined with zero-knowledge proof technology, ensuring smooth transactions and compliance across jurisdictions.
Mandala System: The Future of Global Cross-Border Payment Ecosystem
According to BIS, the Mandala system will become a compliance hub across jurisdictions. Participating commercial banks, central banks, and other financial institutions can set up Mandala nodes in their respective systems to share and transmit transaction compliance information in real time. This structured compliance network can not only address regulatory requirements in different regions but also significantly reduce compliance costs and transaction times, helping institutions achieve more efficient compliance solutions in a complex global market.
Maha El Dimachki, head of the Bank for International Settlements Innovation Hub Singapore, expressed optimism, stating that the Mandala Project will "create a new compliance design approach that improves the cross-border payment experience without compromising privacy or the integrity of regulatory checks."
The Future of the Mandala Project: A Pioneer in Global Financial Compliance
As one of the key projects of the Bank for International Settlements in 2024, the Mandala Project not only aligns with the G20's initiatives to strengthen cross-border payments but also brings more forward-looking compliance tools to the global financial market. With this project driving the way, future cross-border payments may no longer be limited to slow manual reviews but instead achieve efficient and secure international transactions through automated and intelligent compliance systems.
The breakthrough significance of the Mandala Project lies in its ability to promote a more interconnected, transparent, and efficient global financial market while protecting the privacy of traders. The BIS's "Mandala Project" may become a model for cross-border payment compliance in the global financial market, setting a new standard for digital financial compliance.
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