The Bank of England, Monetary Authority of Singapore, and Bank of Thailand are jointly exploring how tokenised FX transactions can be settled using synchronised, real-time mechanisms.
Building on insights from the BIS-led Project Meridian, the initiative will test how wholesale payment infrastructures—such as RTGS systems—and distributed ledger–based settlement platforms can interoperate for complex, cross-border FX use cases.
The trials will use simulated RTGS environments to assess how Payment-versus-Payment (PvP) settlement can work across different jurisdictions, infrastructures, time zones, and regulatory frameworks.
Tom Mutton, Director of Fintech at the Bank of England, noted that the project aims to explore “how synchronisation solutions could support a more open and effective global financial system by enabling a new FX settlement channel,” and that it aligns with the Bank’s broader innovation roadmap, including the RT2 Synchronisation Lab.
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