Project Promissa has been launched by BIS Innovation Hub, Swiss National Bank, and World Bank to build a platform for digital tokenised promissory notes.
The initiative aims to test the possibility on the digitisation of promissory notes with the International Monetary Fund participating as an observer. The objective is the use DLT to manage the notes so that central banks will have a holistic view of outstanding notes with international financial institutions and vice versa.
The project will plan to complete a Plan of Completion by 2025 to advance the management of promissory notes between member nations and international banks associated with the notes through the integration of tokenised payments.