The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand have completed the Project Meridian FX APAC experiment. The initiative tested the synchronization of foreign exchange settlements between traditional payment infrastructures and tokenized money platforms.
The project utilized a Synchronisation Operator (SO) developed by Partior to coordinate payment instructions and reserve funds across different architectures. The system successfully implemented a payment-versus-payment mechanism to ensure that transactions only execute when all parties are ready.
Tests confirmed the feasibility of multilateral netting, which allows banks to reduce liquidity requirements by consolidating multiple transactions. The mechanism prevents partial execution of currency deals and handles errors by canceling reservations before final settlement.
The trials were conducted in controlled environments without real-world participants or production volumes. Regulators noted that legal status, cross-border operational hours, and oversight responsibilities for the synchronization operator remain unresolved issues.
The Bank of England aims to launch a functional synchronization interface by 2028. Project Meridian FX APAC remains a research initiative, following previous collaborative efforts in asset and currency settlement synchronization.
