Facilitating Cross Network CBDC Interoperability with Banque de France, Swiss National Bank and SIX
R3 is excited to be part of Project Jura, a set of experiments that includes the Banque de France (BdF), Swiss National Bank (SNB), Bank for International Settlements Innovation Hub, SIX and other market participants, where a euro wholesale CBDC issued by the BdF can be swapped for a Swiss Franc wholesale CBDC issued by the SNB. The project attempts a new approach to international payments allowing an exchange of a wholesale CBDC between two parties, one domiciled in France and the other in Switzerland. Participating in this project will give R3 the opportunity to experiment and test aspects of its innovative cross-network interoperability protocol.
The experiments include a payment versus payment (PvP) transaction between a wholesale euro CBDC and a wholesale Swiss franc CBDC in a foreign exchange cross-border trade. Also included in the series of experiments, and arguably more exciting, is a delivery versus payment (DvP) transaction using a digital financial instrument issued in France against a wholesale euro CBDC, in a cross-border trade.
Project Jura is one of the most exciting and progressive wholesale CBDC projects, and R3 is proud to join the distinguished members in our group to contribute towards building a more competitive, diverse, and secure system for cross-border payments.