--- title: "Central Banks Complete Cross-Border FX Settlement Trials Under Project Meridian" description: "The Bank of England, MAS, and Bank of Thailand tested synchronized payment-versus-payment settlement across RTGS and DLT networks ahead of a planned 2028 UK interface." url: https://basisdesk.news/news/project-meridian-fx-apac-central-banks-synchronized-settlement published: 2026-11-13T09:36:32.074Z modified: 2026-11-13T09:36:32.074Z section: Institutions & ETFs author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: neutral tickers: [] tags: [cross-border-payments, central-banks, settlement, dlt, rtgs, partior] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # Central Banks Complete Cross-Border FX Settlement Trials Under Project Meridian The Bank of England, MAS, and Bank of Thailand tested synchronized payment-versus-payment settlement across RTGS and DLT networks ahead of a planned 2028 UK interface. ## At a glance - **What happened:** The Bank of England, MAS, and the Bank of Thailand published results from Project Meridian FX APAC on Nov. 13, 2026, testing cross-border FX synchronization. - **Why it matters:** The trial proved central bank money can settle atomically across distinct RTGS and DLT systems, addressing over $1.4 trillion in daily FX settlement risk. - **Who is affected:** Participating central banks, wholesale settlement operators, and financial institutions executing cross-border currency trades. - **What's next:** The Bank of England plans to deploy a live synchronization interface in 2028. - **Status:** announced - **Primary source:** [The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand: Project Meridian FX APAC](https://www.bankofengland.co.uk/news/2026/november/the-boe-monetary-authority-of-singapore-and-bank-of-thailand-media-release) — Bank of England News ## Key points - Bank of England, MAS, and Bank of Thailand concluded Project Meridian FX APAC testing synchronized FX settlement across RTGS and DLT systems [1]. - Partior deployed a Synchronisation Operator prototype enabling atomic payment-versus-payment and multilateral net FX settlement [1]. - The Bank of England plans to deploy an operational synchronization interface by 2028 [1]. ## Editorial remark - **Context:** Project Meridian FX APAC originated from a November 2025 initiative following prior European central bank experimentation to address cross-border settlement fragmentation [1]. - **Impact:** Wholesale banks operating cross-border FX corridors could lower settlement risk and improve capital efficiency through atomic coordination across DLT and RTGS rails [1]. - **Watch:** The Bank of England's scheduled introduction of a live synchronization interface in 2028 [1]. The Bank of England, the Monetary Authority of Singapore (MAS), and the Bank of Thailand published findings on Nov. 13, 2026, from Project Meridian FX APAC, a joint initiative examining cross-border foreign exchange settlement [1]. Delivery partner Partior built and tested a prototype Synchronisation Operator layer designed to coordinate payments across disparate central bank infrastructures [1]. The trial simulated payment-versus-payment (PvP) and multilateral net FX settlements across test versions of both conventional Real-Time Gross Settlement (RTGS) platforms and Distributed Ledger Technology systems [1]. ## Multi-Currency Synchronization and Settlement Risk The project focused on mitigating principal settlement risk, which occurs when one leg of a currency swap settles without the counterparty fulfilling its obligation [1]. According to the 2025 Bank for International Settlements Triennial Central Bank Survey cited in the report, over $1.4 trillion, representing 10% of daily global FX transactions in April 2025, carried unhedged settlement risk [1]. The Synchronisation Operator prototype linked transfers atomically so that simultaneous legs either complete concurrently or terminate without loss of funds [1]. The trial also demonstrated that multilateral net FX settlement can support commercial banks in optimizing liquidity usage by netting transactions across jurisdictions [1]. The experiments covered multiple time zones and currencies, with observer contributions provided by the Reserve Bank of Australia and Bangko Sentral ng Pilipinas [1]. Beyond technical plumbing, the participating central banks published their legal and policy analyses regarding operational cross-border synchrony [1]. The Bank of England stated that these findings will inform its planned live synchronization interface, scheduled for deployment in 2028 [1]. Further research stages will evaluate additional currency pairs, jurisdictions, and practical legal arrangements [1]. ## FAQ **What was Project Meridian FX APAC?** Project Meridian FX APAC was a joint experiment conducted by the Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand to test synchronized cross-border foreign exchange settlement across different technical platforms [1]. **How does a Synchronisation Operator work?** A Synchronisation Operator functions as a coordination layer across settlement systems to ensure atomic transactions, meaning linked transfers complete together or not at all [1]. ## Sources 1. [The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand: Project Meridian FX APAC](https://www.bankofengland.co.uk/news/2026/november/the-boe-monetary-authority-of-singapore-and-bank-of-thailand-media-release) — Bank of England News, 2026-11-13 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai