BIS and Bank of England Complete Pilot Project on DLT-based Settlements
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The Bank for International Settlements (BIS) and the Bank of England have successfully tested a DLT-based inter-agency settlement platform.

The results of Project Meridian will reportedly help improve the regulator's real-time gross settlement system (RTGS).

According to the paper, banks have bought houses in Wales and England as part of a pilot project.

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Messages sent between the synchronization network and the real-time gross settlement system (RTGS) using the API provide a common interface. It can be extended "with relative ease" to other asset classes, such as exchange rates. As a result, the time, costs and risks associated with transactions are reduced, according to the report.

The pilot project could be used as the basis for a settlement system using CBDCs.

The paper reads:

"Synchronization can provide a catalyst for innovation in wholesale payments and support the emergence of new payments infrastructures that settle using central bank money."

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