Bank of England, Monetary Authority of Singapore, and Bank of Thailand Complete Foreign Exchange Settlement Experiment

The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand have released the results of the Project Meridian FX APAC experiment. This experiment conducted payment versus payment (PvP) foreign exchange settlements and multilateral net settlements in a testing environment among the three central banks, covering real-time gross settlement and distributed ledger technology (DLT) systems. It demonstrated that synchronized settlements can be achieved between central bank systems using different technologies through a synchronization mechanism. The Bank of England plans to launch a synchronized interface in 2028, with Partior as the project delivery partner.

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