The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand jointly released results from the Project Meridian FX APAC trial. According to Foresight News, the project tested payment-versus-payment settlement and multilateral netting across foreign exchange settlements in the three central banks’ test environments, covering real-time gross settlement systems and systems based on distributed ledger technology (DLT).
The results showed that a synchronization service coordinating transfers of central bank money could enable synchronized settlement between wholesale settlement systems with different technical and operational models. Cross-border settlement network Partior, the project’s delivery partner, developed and tested a synchronization operator prototype. The Reserve Bank of Australia and Bangko Sentral ng Pilipinas participated as observers.
The Bank of England plans to launch an operational synchronization interface in 2028.