Payment Systems Broadcast #22 Project Meridian FX: Synchronising the Future of Wholesale Payments скачать в хорошем качестве

Payment Systems Broadcast #22 Project Meridian FX: Synchronising the Future of Wholesale Payments

Project Meridian FX: Synchronising the Future of Wholesale Payments With: | John Jackson (Bank of England) | Stephanie Haffner (BIS Innovation Hub) Foreign exchange (FX) markets are at the heart of global finance; yet, the processes for settling cross-border transactions remain slow, costly, and vulnerable to risk. Project Meridian FX- a collaborative experiment led by the BIS Innovation Hub’s London and Eurossytem Centres alongside central banks, including the Bank of England, Banque de France, Deutsche Bundesbank, Banca d’Italia, and the European Central Bank- set out to address these long-standing challenges. At the centre of the project is the concept of the synchronisation operator (SO), a technology that enables coordinated, payment-versus-payment (PvP) settlement across different platforms and jurisdictions. Building on the original Project Meridian, the FX-focused initiative tested how the SO could support interoperability between real-time gross settlement (RTGS) systems and distributed ledger technology (DLT) platforms. Meridian FX demonstrated several key advances: Cross-border settlement efficiency: The SO enabled faster and safer FX transactions by synchronising payments across systems Technology interoperability: The project successfully linked central bank RTGS systems with DLT-based settlement platforms, paving the way for future innovation in financial market infrastructure. Operational improvements: Features such as liquidity-saving mechanisms and user-defined transaction rules showed how synchronised settlement could reduce costs and enhance flexibility. John Jackson (Bank of England) and Stephanie Haffner (BIS Innovation Hub) join FNA for the Payment Systems Broadcast as we explore these insights further to understand what they mean for the future of payments.