The Swiss National Bank, the Banque de France and the BIS Innovation Hub today announced that, together with a private sector consortium led by Accenture, they will conduct an experiment using wholesale central bank digital currencies (wholesale CBDC) for cross-border settlement.

The private sector consortium includes Credit Suisse, Natixis, R3, SIX Digital Exchange and UBS.

The experiment (“Project Jura”) will explore cross-border settlement with two wholesale CBDCs and a French digital financial instrument on a distributed ledger technology (DLT) platform. It will involve the exchange of the financial instrument against a euro wholesale CBDC through a delivery versus payment (DvP) settlement mechanism and the exchange of a euro wholesale CBDC against a Swiss franc wholesale CBDC through a payment versus payment (PvP) settlement mechanism.

These transactions will be settled between banks domiciled in France and in Switzerland, respectively.

Project Jura expands on central bank experimentation investigating the effectiveness of wholesale CBDC for cross-border settlement. It is of exploratory nature and should not be interpreted as an indication that the Swiss National Bank or the Banque de France plan to issue wholesale CBDCs.

“The G20 has made enhancing cross-border payments a priority and laid out a multi-year roadmap to coordinate efforts. The experiment contributes to this work by exploring how wholesale CBDC could enhance speed, efficiency and transparency in cross-border use cases. The BIS Innovation Hub facilitates central bank experimentation into technological public goods. We are excited to join this project, which complements other CBDC experiments that we are working on,” said Benoît Cœuré, Head of the BIS Innovation Hub.