24 April 2024

• Project Meridian FX proves that wholesale payment infrastructures, such as real-time gross settlement (RTGS) systems, can be interoperable via new technologies for FX transactions
• The joint project between the Bank for International Settlements, Bank of England, Banque de France, Banca d’Italia, Deutsche Bundesbank and European Central Bank explored synchronising foreign exchange (FX) transactions
• It demonstrated that FX transactions could be settled across jurisdictions and different types of infrastructures

The Bank for International Settlements and its central bank partners have successfully demonstrated how wholesale payment infrastructures, such as RTGS systems, can interoperate with each other for FX transactions via new technologies.

The project involved synchronising the settlement of FX transactions, using distributed ledger technology, so that the transfer of one leg of the transaction (such as buying a currency) happens only if the transfer of the other (such…