Accenture, Credit Suisse, Natixis, R3, SIX Digital Exchange and UBS also took part in the experiment, dubbed Project Jura, which explored cross-border settlement of tokenised assets in wCBDCs on a DLT-enabled platform.

It involved the direct transfer of euro and Swiss franc wCBDCs between French and Swiss commercial banks on a single DLT platform operated by a third party. Tokenised asset and foreign exchange trades were settled using payment versus payment and delivery versus payment mechanisms. The experiment was conducted in a near-real setting, using real-value transactions and complying with current regulatory requirements.

The partners say that Jura is novel in two ways. First, it tests a new approach to promote secure, fast and efficient cross-border settlements by extending the safety of central bank money to cross-border settlements between resident and non-resident financial institutions using multiple wCBDCs.

Second, it shows a new approach that may give central banks comfort to issue wCBDC on a third-party platform with separate sub-networks and to allow regulated non-resident financial institutions access to wCBDC.

Sylvie Goulard, deputy governor, Bank of France, says: "Jura demonstrates how wholesale CBDCs can optimise cross-currency and cross-border settlements, which are a key facet of international transactions."

Benoît Cœuré, head, BIS Innovation Hub, adds: "Project Jura confirms that a well designed wholesale CBDC can play a critical role as a safe and neutral settlement asset for international financial transactions. It also demonstrates how central banks and the private sector can work together across borders to foster innovation."