The Monetary Authority of Singapore (MAS), the Bank of England and the Bank of Thailand have published findings from Project Meridian FX APAC, demonstrating synchronised foreign exchange (FX) settlement across central bank test systems using different technologies and operating models. Following the collaboration announced in November 2025, the project tested payment versus payment (PvP) and multilateral net FX settlement across real time gross settlement and distributed ledger technology environments.
A Synchronisation Operator prototype developed by Partior coordinated linked transfers so they occurred together or not at all. This supports PvP settlement, which reduces settlement risk by ensuring that one currency transfers only if the other currency also transfers. The trials also showed how synchronised multilateral net settlement can reduce settlement risk and deliver liquidity efficiencies. Testing identified the functional requirements and integration trade-offs involved in connecting systems with different capabilities.
The project also examined legal, regulatory and oversight considerations for practical use. Possible further work includes extending testing to additional jurisdictions and industry participants, broadening currency and transaction coverage, and examining the technical, legal, operational and governance arrangements needed in practice.