The Bank for International Settlements Innovation Hub has published the Project Leap Phase 2 report, setting out findings from an experiment that tested post-quantum cryptography in an operational payment system while sending liquidity transfers. Run by the BIS Innovation Hub Eurosystem Centre with the Bank of Italy, the Bank of France, Deutsche Bundesbank, Nexi-Colt and Swift, the work replaced traditional digital signatures with post-quantum cryptographic protocols and required modifications across multiple system components to ensure compatibility with updated cryptographic libraries. The report covers functional results and deployment challenges at both organisational and technical levels, including learnings on performance, interoperability and cryptographic agility; tests showed significant performance differences between traditional and post-quantum algorithms, pointing to the need for further testing and preparation before broader transition. It also highlights non-technical readiness issues such as awareness, resource allocation, competence development, inventory, pilots and governance.
Bank for International Settlements - Innovation Hub 2025-12-11
Bank for International Settlements Innovation Hub publishes Project Leap Phase 2 results on post-quantum cryptography for payment systems
The Bank for International Settlements Innovation Hub released the Project Leap Phase 2 report, detailing an experiment on post-quantum cryptography in payment systems, highlighting performance differences and readiness challenges. The study, involving multiple European banks and partners, underscores the need for further testing and preparation for a broader transition.