The results of Project Meridian FX, jointly launched by the Eurosystem together with the London BIS Innovation Hub and the Bank of England with the aim of testing a DLT-compatible interoperability mechanism for foreign exchange transactions, have been released.
Meridian FX was launched in 2024, building on the outcomes of the previous Meridian project. The trial linked the Bank of England's gross settlement system (RTGS) to the three Eurosystem interoperability solutions developed as part of the exploratory work on the use of new technologies for settling wholesale financial transactions in central bank money: TIPS Hash-Link (developed by Banca d'Italia), DL3S (developed by Banque de France) and Trigger Solution (developed by the Deutsche Bundesbank).
The results of the project successfully demonstrated the possibility, through using innovative technological solutions, of interlinking heterogeneous payment infrastructures for settling foreign exchange transactions in an efficient manner and reducing the associated risks.
