The Bank of England, the Monetary Authority of Singapore and the Bank of Thailand today published the findings of Project Meridian FX APAC, which tested payment-versus-payment foreign exchange settlement and multilateral net settlement across the three central banks’ test environments, spanning both real-time gross settlement and distributed ledger technology based systems. Partior, the delivery partner, built the Synchronisation Operator prototype for the trial, the Reserve Bank of Australia and Bangko Sentral ng Pilipinas took part as observers, and the three banks published technical, policy and summary reports setting out the requirements and trade-offs for running synchronised settlement across systems with different technologies and operating models. The Bank of England said the findings feed its plan to launch a live synchronisation interface in 2028.
BoE, MAS and Bank of Thailand publish Meridian FX findings
The Bank of England, the Monetary Authority of Singapore and the Bank of Thailand published findings showing synchronised settlement can deliver payment-versus-payment foreign exchange settlement across central bank systems built on different technologies.
Why it matters: More than 1.4 trillion dollars, or 10 percent, of average daily foreign exchange settlement in April 2025 remained fully exposed to settlement risk, and the trial is evidence toward the Bank of England's planned live synchronisation interface in 2028.
Data as of Bank of England media release on Project Meridian FX APAC, published November 13, 2026 and read in full. Developing item.
Sources
- The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand: Project Meridian FX APAC - Bank of England - 2026-11-13