Le BRI dévoile le projet Mandala pour la conformité automatisée dans les transactions transfrontalières

The Future of Cross-Border Transactions: Exploring Project Mandala

The world of finance is rapidly evolving, and at the forefront of this evolution is the Bank for International Settlements (BIS), alongside its central bank partners. A groundbreaking initiative titled Project Mandala is demonstrating how regulatory compliance can be embedded into the fabric of cross-border transactions. This project is not just a theoretical concept; it has reached the proof-of-concept stage, showcasing its potential for transforming how international financial transactions are conducted.

Overview of Project Mandala

Launched with a collaborative spirit, Project Mandala brings together key players including the BIS Innovation Hub Singapore Centre, Reserve Bank of Australia, Bank of Korea, Bank Negara Malaysia, and the Monetary Authority of Singapore (MAS). These institutions aim to streamline compliance processes for cross-border payments, significantly enhancing efficiency and security in global transactions.

Objectives and Goals

One of the primary goals of Project Mandala is to automate compliance associated with cross-border transactions, making it a vital project for both BIS and the G20, as they strive to enhance the landscape of international payments.

Proof-of-Concept Achievements

On October 28, 2023, the BIS updated its project details, confirming its progress to the proof-of-concept phase. This means that various participant institutions, including commercial banks and regulatory authorities, will implement a Mandala node within their operational systems. This integration allows seamless interaction through a peer-to-peer messaging system, enabling participants to access relevant transaction policies across jurisdictions.

How Does It Work?

• Compliance Automation: The system effectively automates compliance checks for cross-border transactions.
• Centralized Repository: Rules from different jurisdictions are stored in a central repository, ensuring all parties have access to the necessary compliance regulations.
• Zero-Knowledge Proofs (ZK-proofs): This advanced technology is used within the Mandala system to maintain the privacy of transaction data while ensuring compliance with regulatory checks.

Benefits of Project Mandala

Maha El Dimachki, the head of the BIS Innovation Hub Singapore Centre, has expressed significant optimism regarding the impact of Project Mandala. The early results indicate promising improvements in cross-border payments, particularly in:

• Enhancing Privacy: The system is designed to uphold the integrity of financial privacy.
• Regulatory Integrity: While focusing on compliance, the system ensures that regulatory checks remain intact and efficient.

Conclusion

Project Mandala represents a vital step forward in the realm of cross-border transactions. As financial regulations become increasingly complex, initiatives like Mandala not only streamline compliance but also pave the way for more secure and efficient international payments. Keeping a close watch on the further developments of BIS and its collaborative efforts will be essential for understanding the future landscape of global finance.