The Bank of Italy, working with the Bank for International Settlements Innovation Hub, Banque de France, Deutsche Bundesbank, Nexi-Colt and SWIFT, published the final report for Phase 2 of Project Leap, confirming the successful testing of post-quantum cryptography in real-world payment system processes. The work focused on implementing quantum-resistant cryptographic protocols in the execution of liquidity transfers. The experiment replaced conventional digital signatures with post-quantum cryptographic algorithms for liquidity transfers between central banks. The report details organizational and technical challenges observed during implementation and sets out findings on performance, interoperability and cryptographic agility, positioning the approach as a way to strengthen European payment infrastructure and support financial stability.
Bank of Italy 2025-12-11
Bank of Italy and partners complete Project Leap Phase 2 testing post-quantum digital signatures for central bank liquidity transfers
The Bank of Italy, with the Bank for International Settlements Innovation Hub and partners, published the final report for Phase 2 of Project Leap, confirming successful testing of post-quantum cryptography in payment systems. The experiment focused on implementing quantum-resistant protocols for liquidity transfers between central banks. The report highlights challenges and findings on performance, interoperability, and cryptographic agility, aiming to enhance European payment infrastructure and financial stability.