Project Agorá Added Seven Banks for Tokenization Tests
Financial institutions have joined global efforts to improve cross-border payments using tokenized deposits.
Updated on Sept. 29, 2026 in Financial Services
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The Institute of International Finance has expanded its Project Agorá initiative to include seven major private-sector banks. The project is testing the use of tokenization and programmability to enhance the efficiency of wholesale cross-border payment systems.
Why it matters
As the financial sector experiments with digital assets, this expansion signals increasing institutional focus on how tokenized reserves could eventually accelerate settlement times and reduce friction in international transactions.
The project includes eight central banks and recently involved 28 institutions across 17 testing scenarios using six different currencies. These participants are evaluating how tokenized deposits perform during real-value interbank, corporate, and payment-versus-payment transactions.
The players
Institute of International Finance
A global association of the financial industry that coordinates policy, research, and advocacy for banking institutions.
Bank of Canada
The central bank of Canada responsible for national monetary policy and financial system stability.
The details
Project Agorá examines how tokenized deposits and reserves function within live operational conditions to solve the traditional bottlenecks of global finance. By utilizing programmable money, participating banks aim to automate clearing and settlement processes that currently rely on legacy messaging systems. The project spans four jurisdictions to test whether digital infrastructure can consistently handle various currency types and cross-border payment requirements.
Timeline
Earlier in 2026, the Bank of Canada joined the initiative.
Real-value testing occurred in July 2026.
The Institute of International Finance announced the new participants on September 29, 2026.
Additional institutions are expected to join the project in the coming months.
The project intends to continue its expansion through yearend 2026.
Market Landscape
Project Agorá functions as a central hub for testing tokenized assets alongside traditional monetary reserves. The initiative follows a pattern set by central bank digital currency experiments, specifically targeting wholesale infrastructure as the primary area for near-term efficiency gains.
Operators should monitor these testing outcomes as indicators of how wholesale payment infrastructure may shift toward tokenized systems in the coming years. Consider the potential for reduced transaction costs and faster settlement cycles if these programmable models reach industry-wide adoption.
The takeaway
This project highlights a move toward tokenized, programmable wholesale payments intended to streamline multi-currency clearing. Keep an eye on the year-end expansion of the participant list as a signal of the industry's commitment to shifting away from existing legacy payment rails.
Further reading
For more on evolving payment technologies, visit Financial Services.
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Do you trust the use of tokenised deposits for international bank payments?
