About the Synchronisation Lab
The Synchronisation Lab (‘the Lab’) is a non-live environment that would allow prospective synchronisation operators to demonstrate how they would interact with the RT2 synchronisation capability that we are designing (RT2 is our renewed core ledger and settlement engine), and what services they could offer to synchronisation users. Synchronisation users include: RTGS account holders; operators of asset ledgers; and end-customers in relevant asset markets.
The Project Meridian series of experiments has already demonstrated that the synchronisation operator concept is a technically feasible and interoperable way to facilitate atomic settlement in central bank money. The Lab will build on Meridian by providing a venue for hands-on experimentation by multiple prospective synchronisation operators, for various use cases, in a more realistic and complete setting.
Who can apply to participate?
We are keen to demonstrate, and work with, a wide range of use cases and models. Applications are open to any private or public sector organisation that is interested in being a synchronisation operator.
To apply, refer to Annex 2 of Synchronisation Lab – terms of participation, which sets out what organisations should provide to us.
What are the Synchronisation Lab’s key aims?
The Lab’s key aims are:
- Validating the Bank’s design choices for an RT2 synchronisation capability. By testing various scenarios, we will be able to better evaluate design options for the exchange of information between RT2 and synchronisation operators.
- Demonstrating synchronisation’s flexibility. We invite Lab Participants to showcase the multiple use cases and benefits they could offer to synchronisation users by leveraging the RT2 synchronisation capability currently being developed by the Bank.
- Supporting ecosystem readiness. We want to enable prospective synchronisation users to observe and evaluate different options for the end-to-end settlement of a synchronised transaction.
Lab Participants are expected to demonstrate their end-to-end proposition for synchronisation as fully as possible. They are encouraged to build on top of the Lab platform to show their proposed interactions with synchronisation users. Lab Participants are expected to bring in synchronisation users – or to emulate their behaviours and key attributes – as required.
The Lab is one of several mutually supportive innovation initiatives that we are pursuing. For example, synchronisation may interest firms in the Bank’s Digital Securities Sandbox (DSS), which facilitates innovation in the issuance, trading and settlement of securities in the UK. The Lab provides a route for DSS firms to test settlement of digital-security transactions in sterling central bank money.
The Lab is not a regulatory sandbox and will not support real-money payments.
What are the key timelines and processes?
We expect the Lab to launch in spring 2026 and to run for six months.
Application stage
Applications are open until 28 November 2025. Successful applicants will be notified around the turn of the year.
We plan to run a webinar for prospective applicants on 3 November (registration form)
Before the Lab is operational
Successful applicants will receive more detailed specifications. They will then have around two months to build or develop their prototypes. During this time, they will be able to iterate with us on their design and build to support quick integration when the Lab launches.
While the Lab is operational
Lab Participants will use the capabilities that we provide to test their use cases; demonstrate how they would (as a synchronisation operator) interact with RT2 and synchronisation users; and discuss their in-Lab activities and learnings with us and key stakeholder groups as appropriate.
After the Lab closes
Lab Participants will be invited to present their use cases and findings at an industry showcase. We will publish a report summarising the key learnings for the live functionality. We will use the Lab’s findings to support ongoing design and subsequent development work towards delivering an RTGS synchronisation capability into production.
What is the design of the Synchronisation Lab?
The Lab will enable its participants (prospective synchronisation operators) to simulate the basic interactions required to achieve synchronised settlement.
The Lab is designed to function as a platform. Our expectation is that Lab Participants will build the additional elements required to integrate with the Lab functionality and demonstrate their use cases when using the Lab. This could include elements required to integrate with their own test platforms; and to demonstrate how they would integrate with synchronisation users (RTGS account holders, asset ledger operators, and end-customers in relevant markets) to achieve an end-to-end synchronisation transactions.
Figure 1: Design of the Synchronisation Lab
The Lab will emulate selected key capabilities of RT2, at the basic level required to simulate synchronised settlement. These are:
- Settlement engine: Houses the essential functions required to settle and manage a transaction.
- User interface: Offers Lab Participants visibility on transactions that they orchestrate, along with other relevant information.
- Application Programming Interface (API) layer: Provides a suite of APIs for Lab Participants to oversee and control the complete lifecycle of settling a transaction within the Lab.
The Lab will explore at least two different synchronisation models. These will help the Bank, RTGS account holders, and prospective synchronisation operators to evaluate different options for orchestration and information exchange across reliability, customer service, cost, and other parameters.
- Proposed Model 1: Synchronisation operators send the earmarking instruction to RT2 and instruct the final settlement.
- Proposed Model 2: RTGS account holders send the earmarking instruction, under direction from a synchronisation operator. Synchronisation operators instruct the final settlement. In the Lab, the earmarking instruction would be simulated from the Lab Participant.
- Two further models will also be considered based on the feedback gathered during initial experimentation. These may test additional controls that RTGS account holders could apply.
- In all models, it is envisaged that synchronisation operators will need the ability to request funds to be earmarked and released, and be able to cancel a transaction.
Organisations applying to participate in the Lab should note in their application if they have a preference for either of these synchronisation models, and if they would be prepared to test both in the Lab. For more information on the proposed models, applicants should refer to Annex 3 of Synchronisation Lab – terms of participation.
Successful applicants would receive full specifications before the Lab launches to enable their design and build.