The Bank of England, in collaboration with the Monetary Authority of Singapore and the Bank of Thailand, has released the findings from Project Meridian FX APAC. This initiative focused on foreign exchange (FX) settlement, exploring synchronisation as a potential method to support interoperability across diverse wholesale settlement environments.
The project demonstrated that synchronised settlement could be achieved across central bank systems with varying technologies and capabilities. It also showed how multilateral net FX settlement could help banks use their liquidity more efficiently by netting payments.
According to Tom Mutton, Executive Director of Payments, Innovation and Fintech at the Bank of England, the project provides practical evidence of how synchronised settlement could reduce risk and improve efficiency in cross-border FX transactions. The Bank of England plans to launch a live synchronisation interface in 2028, and the project's findings offer insights for its development.