The Bank is looking to work with a range of organisations, including fintech firms, to explore the demand for introducing synchronised settlement to the renewed RTGS service. At the heart of synchronisation is the concept of ‘atomic settlement’. This means that the transfer of two assets is linked in such a way as to ensure that the transfer of one asset occurs if and only if the transfer of the other asset also occurs. The Bank believes that for certain transaction types, this functionality could reduce cost and risk, improve efficiency, and support innovative new methods of settlement.
The synchronisation call for interest closed on Friday 05 October 2018. If you would like to find out more about the Bank’s work on synchronisation, or would like to be involved in future work, please contact us via RTGSEngagement@bankofengland.co.uk.