Bank for International Settlements' ”Real-time Overseas Remittance” project... Seeking private sector participants - South Korean media

The Bank for International Settlements (BIS) is seeking private sector participants for the "Agora Project," which will enable international remittances to be sent in real time, similar to e-mail.
The Bank of Korea announced on the 14th that the Bank for International Settlements and the Institute of International Finance (IIF) have announced a call for private financial institutions to participate in the Agora project.
Prior to this, the Bank for International Settlements and the Group of Seven central banks, including South Korea, had joined a project last month to improve the international settlement system.
The participants are the central banks of France, Japan, Switzerland and the United Kingdom, which are key currency nations, as well as the Federal Reserve Bank of New York and the Central Bank of Mexico. The Institute of International Finance is also participating from the private sector.
The Agora Project was established to overcome the structural inefficiencies that arise in the process of international payments, such as international remittances.
It has been criticized that the process is expensive and slow due to a combination of issues such as different laws and regulations, technical compliance requirements, and differences in business hours and standard time zones from country to country.
According to the Bank for International Settlements, participating institutions can be financial institutions such as commercial banks or deposit-taking institutions, or international payment networks.
Participating central banks must be appropriately regulated and supervised in at least one jurisdiction.
The Institute for International Finance will select private sector participants through mutual agreement with the Bank for International Settlements. The selection criteria are:
The selection of participating organizations will be announced on August 9th.