Bank of England and Two Other Central Banks Publish Results of Synchronous Foreign Exchange Settlement Trial

On November 13, the Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand announced the results of the Project Meridian FX APAC foreign exchange settlement trial, according to a Bank of England announcement.

The results show that synchronized settlement can be achieved between central bank systems utilizing different technologies and with varying capabilities, while multilateral netting can also help banks improve liquidity utilization efficiency by offsetting payments. The Bank of England plans to launch a formal synchronization interface in 2028.