Central banks test synchronised foreign exchange settlement

The Bank of England, the Monetary Authority of Singapore and the Bank of Thailand have published findings from Project Meridian FX APAC, a trial of synchronised settlement across their central bank systems. The trial, which used different technologies and capabilities, tested payment-versus-payment FX settlement and multilateral net FX across the three banks' test environments. Partior developed and tested the Synchronisation Operator prototype used in the project. The Bank of England plans to launch a live synchronisation interface in 2028. The project also examined the legal, regulatory and oversight considerations involved in applying synchronised FX settlement across diverse wholesale settlement systems.