BIS Innovation Hub takes aim at cross-border compliance

Project Mandala will explore ‘compliance by design’ to boost efficiency of cross-border transactions

mobile-payments

The latest project from the Bank for International Settlements’ Innovation Hub will try to boost the efficiency of cross-border transactions by solving compliance problems.

Project Mandala, launched on October 5, will develop a “common protocol” to encode specific policy and regulatory requirements in different jurisdictions.

The BIS noted differences in regulations are “among the chief obstacles” to “smooth and efficient” cross-border payments, foreign direct investment and borrowing. “They

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