Project Agorá Added Seven Private-Sector Banks
The Institute of International Finance has expanded its wholesale payment initiative to include new global banks.
Updated on Sept. 29, 2026 in Financial Services
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The Institute of International Finance announced on September 29, 2026, the addition of seven private-sector banks to Project Agorá. This project examines how tokenisation and programmability can enhance the efficiency of wholesale cross-border payments.
Why it matters
The expansion signals growing interest in integrating tokenized deposits and reserves into wholesale financial infrastructure. By broadening participation, the project aims to refine how institutions handle complex interbank and payment-versus-payment transactions.
Twenty-eight institutions conducted 30 transactions across 17 scenarios using six different currencies during real-value testing in July 2026. The project now includes eight participating central banks.
The players
Institute of International Finance
This global association of the financial industry represents more than 400 members from over 60 countries.
Bank of Canada
As the nation's central bank, this institution is responsible for promoting the economic and financial welfare of Canada.
Barclays Plc
This British multinational universal bank provides a wide range of financial services including retail, corporate, and investment banking.
Wells Fargo
Headquartered in the United States, this multinational financial services company serves millions of customers through various banking and investment products.
Royal Bank of Canada
This major Canadian multinational financial institution is one of the largest banks in the world by market capitalization.
The details
Project Agorá utilizes tokenised deposits and reserves to test new methods for conducting corporate and interbank payments under operational conditions. Participants are currently preparing for future rounds of testing as the initiative continues to scale.
Timeline
Earlier in 2026, the Bank of Canada joined the initiative.
Real-value testing was conducted in July 2026.
The Institute of International Finance announced the new participants on September 29, 2026.
Additional institutions are expected to join the project in the coming months.
The project expansion is slated to continue through yearend 2026.
Market Landscape
Project Agorá represents an effort to modernize international finance by testing digital tokenization within established banking frameworks. This initiative positions participating banks to stay competitive as the sector transitions toward programmable wholesale payment infrastructure.
For the average client, these developments signal a long-term shift toward faster and more secure cross-border payment processing. While the testing is currently focused on wholesale transactions, the results could eventually lead to improved efficiency and lower costs for global retail banking.
The takeaway
The addition of major global banks to this project underscores a commitment to refining digital settlement technologies. Industry observers should expect continued testing as institutions attempt to standardize tokenized payment protocols.
Further reading
For more insight into institutional digital finance trends, explore Financial Services.
Source note: This article includes information reported by Iif.
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