The Bank for International Settlements Innovation Hub has published a technical report on Project Rialto, a proof of concept aimed at improving instant cross-border payments for low-value transactions by combining payment-versus-payment (PvP), automated foreign exchange and settlement in tokenised central bank money. Rialto focused on remittances and other person-to-person payments executed via traditional banking channels, where foreign exchange and settlement are identified as persistent frictions. The technical experiment tested this approach in a simulated cross-border payment infrastructure, building on prior BIS Innovation Hub work including Project Mariana and Project Nexus. The report describes the proof of concept, its architecture and design, and the economic considerations regarding the viability of Rialto’s technical approach.
Bank for International Settlements - Innovation Hub 2025-12-10
Bank for International Settlements Innovation Hub publishes Project Rialto technical report on PvP and tokenised central bank money settlement for instant cross-border payments
The Bank for International Settlements Innovation Hub released a report on Project Rialto, a proof of concept for enhancing instant cross-border payments for low-value transactions using payment-versus-payment, automated foreign exchange, and settlement in tokenised central bank money. The project, focusing on remittances and person-to-person payments, tested this approach in a simulated infrastructure, addressing foreign exchange and settlement frictions.