The Bank of England, Monetary Authority of Singapore and Bank of Thailand announced on November 13, 2026, that Project Meridian FX APAC trials had successfully demonstrated payment-versus-payment foreign-exchange settlement across conventional real-time gross settlement and distributed-ledger systems. A prototype Synchronisation Operator built by fintech firm Partior coordinated the separate currency legs while preserving the key properties of central bank money. The model was also designed to support multilateral netting, which can reduce the number and size of payments required. The project targets Herstatt risk and settlement-related liquidity costs without requiring a unified infrastructure or single shared ledger. The work builds on the Bank for International Settlements' Project Meridian FX initiative and collaboration announced in November 2025. The Reserve Bank of Australia and Bangko Sentral ng Pilipinas observed the trials and contributed insights. The Bank of England plans to launch a live synchronization interface in 2028 to support tokenized assets and different forms of wholesale money; the approach does not require a central bank digital currency.