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The Bank for International Settlements (BIS) aims to automate compliance audits for cross-border transactions with Project Mandala. The project is the product of a collaboration between central banks from many countries, including the Reserve Bank of Australia, the Bank of South Korea, the Reserve Bank of Malaysia and the Monetary Authority of Singapore (MAS), and aims to contribute to the G20’s goals of improving cross-border payments. The project has reached the proof-of-concept stage as of October 28.
Mandala uses zero-knowledge proofs (ZK-proofs) to enable participating banks to process transactions in compliance with specific regulations. The system processes the necessary data for transaction compliance through a dedicated peer-to-peer messaging network between the parties, enabling automatic compliance checks against relevant policies. Zero-knowledge proofs allow parties to audit transactions while preserving data privacy by keeping transaction details confidential.
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BIS is optimistic about the early results of the project. Maha El Dimachki, Head of BIS Innovation Centre Singapore, said Mandala is playing a pioneering role in improving cross-border payments without compromising privacy with its “compliance by design” approach.
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