Project Meridian FX
programMoney & Finance
Central banks proved they can settle cross-border currency trades instantly and simultaneously, linking several national systems at once.
Who they are
Project Meridian FX, a follow-on to Project Meridian by the BIS Innovation Hub and Bank of England (concluded April 2025).
What they do
The engine treats it as the expansion of the earlier 'Synchronisation Operator' idea into cross-border currency settlement.
How it works
It added Payment-versus-Payment atomic settlement — where both sides of a currency swap settle together or not at all — and successfully linked an emulated UK RTGS system with three Eurosystem solutions: DL3S (Banque de France), TIPS Hash-Link (Banca d'Italia) and the Trigger Solution (Deutsche Bundesbank).
Why it matters
It shows the established central-bank infrastructure extending instant, coordinated settlement across borders and currencies.
The engine's record — word for word
BIS Innovation Hub + Bank of England follow-on to Project Meridian (concluded April 2025). Expanded the Synchronisation Operator architecture to cross-border FX with Payment-versus-Payment (PvP) atomic settlement. Successfully interlinked emulated UK RTGS with three Eurosystem solutions: DL3S (Banque de France), TIPS Hash-Link (Banca d Italia), Trigger Solution (Deutsche Bundesbank).
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