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. 

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. 

| Richard Dzina (The Clearing House)
| Stephen Wojciechowicz (Bank of New York Mellon)

In Session #11 of the Payment Systems Broadcast, guests Richard Dzina and Stephen Wojciechowicz join FNA as we examine whether CBDCs have the potential to transform liquidity management. The webinar will explore how retail and wholesale CBDCs could change how liquidity is exchanged and managed and evaluate the implications of CBDCs on Financial Market Infrastructures (FMIs) and Financial Institutions as we discuss the potential benefits, challenges and considerations associated with this potentially transformative shift.

The Session Covered:

• The simulation testing and scenario modelling FMIs should conduct to prepare for CBDC integration and rollout
• The CBDC design choices that impact integration with existing FMIs and infrastructures
• The role RLN models play in designing resilience, such as redundancy and distributed architectures
• Whether the integration of CBDC systems requires changes to treasury and liquidity risk management processes at FMIs
• New liquidity monitoring tools that may benefit the CBDC world
• How settlement finality risks could be managed if CBDC transactions are settled in real-time
• What embedded programmability in CBDC systems could mean for collateral management and interest payment
• How cross-border interoperability for CBDC systems could be achieved and the future role of FMIs as integrators.