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BoE, MAS and Bank of Thailand test synchronised FX settlement

GlobalSource: Bank of England

  • The Bank of England, the Monetary Authority of Singapore and the Bank of Thailand published on 13 November 2026 the findings of Project Meridian FX APAC, which tested payment-versus-payment FX settlement and multilateral net FX across the three central banks' test environments, spanning both Real-Time Gross Settlement and Distributed Ledger Technology-based settlement systems.
  • Partior, the delivery partner, developed, integrated and tested the Synchronisation Operator prototype; the Reserve Bank of Australia and Bangko Sentral ng Pilipinas took part as observer central banks.
  • The Bank of England restates its plan to launch a live synchronisation interface in 2028, and the release says future work could extend the approach to more jurisdictions, industry participants and currencies.

Why it matters

For banks' FX and treasury teams, the three central banks show a tested way to settle both currency legs together across conventional and DLT-based central bank money systems, with multilateral netting described as a route to using liquidity more efficiently ahead of the Bank of England's planned 2028 live synchronisation interface.

Read the original: Bank of England ↗

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More detail

Who is affected

The Bank of England, the Monetary Authority of Singapore, the Bank of Thailand, the observer central banks (Reserve Bank of Australia, Bangko Sentral ng Pilipinas), Partior, and banks settling cross-border FX.

Key dates

  • Project Meridian FX APAC findings published (introduction and executive summary, technical report, policy report)

What remains uncertain

  • The trial ran in the three central banks' test environments; the release describes only possible future work, with no timetable beyond the Bank of England's 2028 plan for a live synchronisation interface.
  • No month is given for the 2028 live synchronisation interface.

Key facts

Event
Pilot results
Jurisdiction
Global
Source
Bank of England
Source tier
Tier 1 · Regulator / central bank
How we verified this

The source says

“The trial demonstrated that synchronised settlement can be achieved across central bank systems with different technologies and capabilities, while identifying the requirements and trade-offs involved.”

“They also demonstrated how multilateral net FX settlement can support banks in using their liquidity more efficiently by netting payments against each other.”

“The Bank of England announced their intention to launch a live synchronisation interface in 2028, as part of their Call for Input on the Future of Tokenisation with the FCA.”

“The analysis was informed by perspectives from the Reserve Bank of Australia and Bangko Sentral ng Pilipinas, who participated as observer central banks.”

Verbatim from Bank of England, matched word for word against the live page on 13 November 2026.

Sources

Evidence

Confidence
High Primary source (regulator / official record); quote string-matched against the live page.
Quote verified
2026-11-13 17:09 UTC
Archived snapshot
SHA-256 fc4bebd6d59b9038… · fetched 2026-11-13 · Wayback Machine copy ↗
Source type
Primary Bank of England ↗
Change log (1)
  1. 2026-11-13 Published

Full evidence record · How we label confidence

AI-assisted: the summary and analysis were drafted with AI from the primary source and checked by the editors. AI-drafted from the primary source; quote string-matched against the live source page.

Methodology · How we classify sources · Corrections · Report an error

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