The Bank of England and Bank for International Settlements London Innovation Hub have created a synchronised settlement prototype using distributed ledger technology (DLT) to automate the exchange of funds and assets. 

Project Meridian concluded that synchronisation is a “relatively simple way to reduce the time, costs and risk of a transaction”, the BIS said.

A “new entity” called the “synchronisation operator” allows participants to connect to a payments ledger – including a real-time gross