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)[1].
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).
Follow the trail
Walk this on the live map →