BoE, MAS, and BOT complete cross-border FX settlement trial
13 November 2026 UK, Singapore and Thailand
Image: riebevonsehl/stock.adobe.com
The Bank of England (BoE), Monetary Authority of Singapore (MAS), and the Bank of Thailand (BOT) have published the findings of Project Meridian FX APAC, demonstrating the potential of synchronisation to improve cross-border FX settlement.
The project tested how synchronisation, which coordinates movements of central bank money, could enable interoperability between wholesale settlement systems operating on different technologies and models.
Building on earlier work, the trial tested payment-versus-payment (PvP) FX settlement and multilateral net FX settlement across the three central banks’ test environments, incorporating both real-time gross settlement (RTGS) and distributed ledger technology (DLT) based systems.
Partior, the project's delivery partner, developed and tested a Synchronisation Operator prototype to coordinate settlement across the different systems.
The trial demonstrated that synchronised settlement could be achieved across central bank systems with different technological capabilities.
It also found that multilateral net FX settlement could help banks manage liquidity more efficiently by offsetting payments against one another.
The project examined the legal, regulatory and oversight requirements for implementing synchronised FX settlement across different wholesale settlement systems, with input from the Reserve Bank of Australia and Bangko Sentral Pilipinas as observer central banks.
The findings, published across three reports covering technical and policy considerations, could inform the BoE’s plans to introduce a live synchronisation interface in 2028.
Further work could involve expanding the approach to additional jurisdictions, currencies, industry participants, and transaction types, alongside further consideration of the legal arrangements required for implementation.
Tom Mutton, executive director of payments, innovation, and fintech at the BoE, says: “Project Meridian FX APAC provides practical evidence of how synchronised settlement could help reduce risk and improve efficiency in cross-border FX transactions.
“The results provide a strong foundation for further collaboration as we explore how this approach could be developed towards real-world use.”
Kenneth Gay, chief fintech officer at MAS, adds: “Project Meridian FX APAC has shown how synchronisation could help enable PvP settlement across these diverse environments, reducing settlement risk while supporting greater interoperability.”
Pucktada Treeratpituk, director of the payment systems and financial technology policy department at the BOT, comments: “Project Meridian FX APAC successfully demonstrated that synchronisation can work across diverse wholesale settlement systems, making cross-border FX safer and more efficient while preserving trust in central bank money.
“The insights on technical integration, operating models and regulatory considerations established a practical foundation for modernising wholesale settlement infrastructure.”
The project tested how synchronisation, which coordinates movements of central bank money, could enable interoperability between wholesale settlement systems operating on different technologies and models.
Building on earlier work, the trial tested payment-versus-payment (PvP) FX settlement and multilateral net FX settlement across the three central banks’ test environments, incorporating both real-time gross settlement (RTGS) and distributed ledger technology (DLT) based systems.
Partior, the project's delivery partner, developed and tested a Synchronisation Operator prototype to coordinate settlement across the different systems.
The trial demonstrated that synchronised settlement could be achieved across central bank systems with different technological capabilities.
It also found that multilateral net FX settlement could help banks manage liquidity more efficiently by offsetting payments against one another.
The project examined the legal, regulatory and oversight requirements for implementing synchronised FX settlement across different wholesale settlement systems, with input from the Reserve Bank of Australia and Bangko Sentral Pilipinas as observer central banks.
The findings, published across three reports covering technical and policy considerations, could inform the BoE’s plans to introduce a live synchronisation interface in 2028.
Further work could involve expanding the approach to additional jurisdictions, currencies, industry participants, and transaction types, alongside further consideration of the legal arrangements required for implementation.
Tom Mutton, executive director of payments, innovation, and fintech at the BoE, says: “Project Meridian FX APAC provides practical evidence of how synchronised settlement could help reduce risk and improve efficiency in cross-border FX transactions.
“The results provide a strong foundation for further collaboration as we explore how this approach could be developed towards real-world use.”
Kenneth Gay, chief fintech officer at MAS, adds: “Project Meridian FX APAC has shown how synchronisation could help enable PvP settlement across these diverse environments, reducing settlement risk while supporting greater interoperability.”
Pucktada Treeratpituk, director of the payment systems and financial technology policy department at the BOT, comments: “Project Meridian FX APAC successfully demonstrated that synchronisation can work across diverse wholesale settlement systems, making cross-border FX safer and more efficient while preserving trust in central bank money.
“The insights on technical integration, operating models and regulatory considerations established a practical foundation for modernising wholesale settlement infrastructure.”
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