The World Bank's cross-border payments initiative explored how multiple CBDCs could be used to facilitate efficient, transparent settlement across borders. Phase 2 focused on connecting the Central Banks of Egypt and Morocco through a shared settlement ledger, enabling commercial banks and other intermediaries on either side to initiate payments, perform KYC on counterparties, and receive payment based on transaction finality on the settlement ledger.

The initiative needed a settlement ledger capable of managing CBDC liquidity across multiple central bank jurisdictions using an Automated Market Maker contract, while onboarding registered intermediaries, performing automated KYC checks, and demonstrating interoperability across networks using externally developed smart contracts.

Kaleido provided the full platform stack across all three product lines — Digital Assets, Web3 Middleware, and Chain Infrastructure — to implement the cross-border settlement ledger. Central banks used Kaleido's cross-ledger tooling to manage CBDC liquidity to an Automated Market Maker contract on the settlement ledger and to onboard registered intermediaries to the network.

The project took full advantage of Kaleido's smart contract-agnostic approach by quickly onboarding externally developed smart contracts and seamlessly integrating platform services to demonstrate interoperability across networks, automated KYC checks, automated indexing, dynamically generated smart contract APIs, and flexible event listeners.