Bank of Canada and ECB Complete Successful Wholesale Digital Settlement Pilot

OTTAWA, ON — The Bank of Canada and the European Central Bank (ECB) published joint technical results Friday morning from Project Jasper-Elysium, a multi-year bilateral pilot proving the viability of quantum-resistant wholesale central bank digital currency (wCBDC) for real-time cross-border interbank settlements.

Wholesale Settlement Architecture and Settlement Velocity

The pilot utilized synchronized distributed ledger nodes and post-quantum cryptographic keys across six major commercial financial institutions in Canada and the Eurozone. The technical report demonstrated that wholesale cross-currency transactions settled in under three seconds with immediate atomic delivery-versus-payment (DvP) finality, eliminating foreign exchange settlement risks and cutting international correspondent banking overhead costs by over 80 percent.

Bank of Canada Deputy Governor Toni Gravelle affirmed that central bank wholesale digital ledger innovations enhance financial resilience and reduce friction for Canadian businesses engaged in transatlantic commerce.

Cybersecurity and Capital Privacy Guardrails

The central bank framework emphasized that wholesale digital architectures operate exclusively between regulated financial institutions and do not replace physical cash or create retail tracking accounts for individual consumers.

International commercial banking associations commended the pilot, highlighting that instantaneous wholesale liquidity management protects financial stability during market volatility.

BIS Presentation and Next-Phase Roadmap

The findings will be presented to the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures in Basel in September 2026.