New Trilateral Programme to Explore Interoperable Systems for Atomic FX Payment versus Payment Settlement

New Trilateral Programme to Explore Interoperable Systems for Atomic FX Payment versus Payment Settlement

(IN BRIEF) The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand have announced a collaborative programme to assess how synchronised settlement mechanisms could improve the way cross-border FX transactions are completed. The initiative builds on work from Project Meridian FX and will use simulated RTGS systems and DLT-based settlement environments to test interoperability and complex multilateral settlement scenarios. The project aims to evaluate whether synchronisation can support real-time, atomic Payment versus Payment FX settlement across jurisdictions with differing infrastructures and regulatory conditions. Leaders from the three central banks highlighted the importance of open, interoperable financial networks and the potential benefits for both FX and future Delivery versus Payment use cases. The collaboration underscores a shared commitment to advancing infrastructure that can support secure, efficient, and interconnected tokenised financial systems.

(PRESS RELEASE) LONDON, 13-Nov-2025 — /EuropaWire/ — The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand have launched a joint initiative to explore how synchronised settlement mechanisms could transform the way foreign exchange (FX) transactions are completed across borders. Announced in a coordinated news release, the collaboration aims to deepen technical understanding and evaluate policy implications tied to settling FX trades using next-generation interoperable systems.

This trilateral programme builds on previous insights from Project Meridian FX, extending earlier work into a broader and more diverse testing environment. The participating central banks will experiment with synchronised FX settlement using simulated versions of their Real Time Gross Settlement (RTGS) platforms, alongside Distributed Ledger Technology (DLT)-based settlement solutions. By doing so, the project will assess how different infrastructures can interact and whether they can support atomic, real-time settlement of FX transactions.

Early experiments will focus on two core areas: achieving interoperability between the central banks’ systems, and testing multilateral settlement use cases that involve various types of infrastructure. Together, these trials will evaluate how synchronisation could support Payment versus Payment (PvP) settlement across jurisdictions with differing time zones, regulatory approaches, and technology stacks. If successful, the findings could play a pivotal role in enabling safer and more efficient cross-border FX settlement, reducing counterparty risks and removing settlement gaps that occur when markets do not operate in sync.

The three central banks describe the collaboration as a reflection of their shared goal of fostering financial arrangements that enable seamless interaction across tokenised networks. The potential ability to conduct fast, secure, and interoperable FX trades is increasingly viewed as a key building block in the next evolution of global financial systems.

Leaders from each central bank highlighted the significance of the initiative. Tom Mutton, Director of Fintech at the Bank of England, noted that the project provides a more realistic setting to test synchronisation tools and aligns closely with the Bank’s broader efforts to support innovation through its RT2 Synchronisation Lab. Kenneth Gay, Chief FinTech Officer at the Monetary Authority of Singapore, emphasised that tokenised financial ecosystems require international collaboration to build open and interoperable infrastructures. Thammarak Moenjak, Senior Director at the Bank of Thailand, said the project could meaningfully improve the efficiency of FX PvP transactions while also informing future wholesale settlement infrastructure by drawing lessons from different regulatory and technical frameworks.

Together, the three institutions aim to create a deeper understanding of how synchronised settlement could be implemented practically and how it may underpin more resilient global FX markets in the future.
About the Bank of England

The Bank of England (BOE), established in 1694, is the central bank of the United Kingdom. It is responsible for maintaining monetary and financial stability. In this capacity, the BOE undertakes a range of functions, including the implementation of monetary policy, oversight of payment systems, prudential regulation of financial institutions, and the issuance of currency. The BOE also plays a key role in safeguarding financial stability through its work on systemic risk, resolution frameworks, and market operations. In relation to UK payments, the BOE performs a number of operational functions, including acting as the operator of the UK’s Real-Time Gross Settlement (“RTGS”) system and the CHAPS payment system.

About the Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors and financial market infrastructure. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to foster the growth of Singapore as an international financial centre.

About the Bank of Thailand

The Bank of Thailand (BOT) is the central bank and regulator of financial services in Thailand. The BOT is responsible for maintaining monetary stability, financial institution system stability and payment systems stability. In relation to Thailand payments, the BOT functions as the operator of the Bank of Thailand Automated High-value Transfer Network (BAHTNET), which constitutes a core financial infrastructure facilitating high-value funds transfer on a RTGS basis

Press contacts

BOE

Press Enquiries
Email: press@bankofengland.co.uk
Tel: 020 3461 4411

Monetary Authority of Singapore

Hidayah Rahim
Deputy Director (Communications)
DID: +65 64225609
Email: hidayah_rahim@mas.gov.sg

Bank of Thailand 

Digital Currency Policy and Development Unit
Tel: +66 356 7077
Email: DigitalCurrencyTeam@bot.or.th

Footnotes

^{1 Project Meridian FX, led by the BIS Innovation Hub London in collaboration with the Bank of England, Bank of France, Deutsche Bundesbank, Bank of Italy and European Central Bank, tested synchronisation as a solution to cross-border interoperability. Refer to Project Meridian FX: exploring synchronised settlement in FXOpens in a new window for more information.
2 The Synchronisation Lab – which is the next step in our strategy to support safer, faster and more innovative wholesale settlement through building an RT2 synchronisation capability – is open for applications until 28 November. See the Synchronisation Lab page to find out more.}

SOURCE: BANK OF ENGLAND