Future Roadmap – Synchronisation thematic engagement working group

Purpose

As part of the Future Roadmap for RTGS, the Bank is exploring a synchronisation capability that would leverage RT2 as an open platform for innovation to extend atomic settlement in central bank money to a wider set of asset markets and transaction types.

The purpose of the synchronisation thematic engagement working group is to provide input and advice to the Bank on the development of an RT2 synchronisation capability. This includes:

• Providing input to inform the Bank’s design, delivery and policy decisions; and informing the Bank’s business case analysis to delivering a minimum viable product synchronisation capability.
• Supporting a degree of engagement between organisations from different parts of the ecosystem where there is a significant benefit in collaboration.

The synchronisation working group is one of three working groups set up for the Future Roadmap with industry following a written consultation and response in 2022/2023.

The synchronisation working group is advisory to the Bank. Final decisions on implementing the roadmap features will be taken by the Bank based on a range of inputs and factors. The group has no decision-making responsibilities and is not a statutory body.

Synchronisation working group objectives

In support of the co-creation objectives, the synchronisation working group (and potentially sub-groups) is expected to contribute and provide input in a number of areas. These include

• Shaping high-level requirements, service design and policy - spanning build and run as required – and taking into account risks to the RTGS and CHAPS services, and wider financial stability. Exploring issues that affect parties in a synchronisation transaction e.g. understanding the end-to-end process for a particular use case.
• Developing and broadly assessing a business case for synchronisation, and its use cases, demand and maturity of solution/ecosystem including:
  • delivery approach and timing; and
  • gathering relevant input to inform the Bank’s current policy work for a live synchronisation service, including with other financial authorities e.g. assurance and regulation of synchronisation operators, and treatment of synchronisation under the RTGS tariff.
• Engagement with experimentation relevant to synchronisation, including with:
  • output from the Synchronisation Lab; and
  • preferences for the delivery approaches, sequencing and timing.

Membership responsibilities

The Bank selects members based on a number of factors drawing on nominations received, including diversity of representation (eg current and potential future RTGS users of a synchronisation service and other interested parties). This includes RTGS account holders, those with experience of synchronisation or managing asset ledgers; as well as those with an end-user perspective.

Members are expected to actively contribute, bring knowledge and experience on matters related to the purpose and objectives of the working groups, and, to the extent legally permissible, offer candid and open input and advice to the Bank. Meeting attendees are expected to have engaged with other relevant staff within their organisations, such that their input and advice, when relevant, is a fair reflection of the position of their organisation, to the extent possible.

Members are expected to support the Bank’s objectives for operating the RTGS and CHAPS services – monetary and financial stability; and promoting efficiency, innovation and competition where that can be safely done without impairing stability.

Members (including their organisations) may not refer to their participation in the working group for promotional or commercial purposes. For the avoidance of doubt, this means that members must not imply or assert privileged access to information, or endorsement by the Bank, but members may disclose their participation in the working group as a matter of fact.

Any information received (either from the Bank or other attendees) must be treated as confidential and must not be disclosed outside of the working group, except where the Bank permits otherwise, or the Bank itself makes the information public.

Members are responsible for identifying and declaring any conflicts of interest that may arise from participating in the synchronisation working group, as soon as they arise. The Bank will decide how the conflict should be managed, which may include in limited circumstances, excluding or suspending the member in question from the synchronisation working group.

All attendees should be aware of their obligations under competition law. Attendees should avoid potentially anti-competitive behaviour or sharing competitively sensitive information. Any attendee that has competition concerns should contact the Secretariat without delay. Further information is set out in an Annex.

Supporting governance processes for the working group

Attendance

• The Bank will act as Chair and provide the Secretariat.
• Members were selected through a nomination process.
• The Bank will provide relevant attendees to support the agenda.
• Members should declare any conflicts of interest to the Bank – either general, or in relation to specific topics.
• Members may be invited to opt into one or more sub-groups which the Bank may set up. Membership of each group may be by characteristics of the organisation and/or interests and expertise of individuals.

Meetings including agenda, papers, and minutes.

• The synchronisation working group and any sub-groups are expected to meet occasionally while the Bank undertakes relevant design, delivery and policy work.
• The Bank will seek to share an agenda and any supporting papers at least three working days in advance of each meeting. Written feedback may be provided off-line to the Chair and/or Secretariat.
• Minutes and actions will typically be issued within two weeks of the meeting.
• The Bank will also publish summary topics discussed across the co-creation working groups on the Bank’s website.
• Comments made in the meeting will not be attributed in any minutes or summaries shared externally without consent.

Terms of Reference

• These Terms of Reference were finalised in January 2026. Updates should be proposed via the Secretariat.