Synchronisation Lab – terms of participation

Background

Since consulting in 2022 on the Roadmap for the Real-Time Gross Settlement service beyond 2024 and delivering the UK’s renewed RTGS service (RT2) in 2025, the Bank of England (‘the Bank’, ‘we’) has prioritised the development of a new ‘synchronisation’ capability as a future enhancement to RT2. Synchronisation would allow for atomic settlement in central bank money: the conditional settlement of funds in RT2 against assets on a variety of external asset ledgers, such that funds in RT2 will settle if and only if the external asset also settles. Synchronisation involves a new type of entity – a 'synchronisation operator' – to orchestrate movements of funds in RT2 with the transfer of assets on external ledgers.

We have worked with industry through co-creation as well as undertaking experimentation with the BIS Innovation Hub London Centre and partner central banks to identify use cases for synchronisation, and to explore design options for the new synchronisation capability.

To build confidence that synchronisation services will meet users’ needs, we are now launching a Synchronisation Lab to extend our collaboration with prospective synchronisation operators and users before taking consequential decisions on the design and delivery of a future live RT2 synchronisation capability.

Purpose and scope

We are launching the Synchronisation Lab (‘the Lab’), as a platform to simulate the synchronisation interface that we are designing and enable prospective synchronisation operators (‘Lab Participants’) to demonstrate viable propositions across multiple use cases.

The Lab’s key aims are:

1. Validating the Bank’s design choices for an RT2 synchronisation capability. By enabling Lab Participants to engage with infrastructure that the Bank will provide and to test different arrangements, we will be able to better evaluate design options for the exchange of information between RT2 and synchronisation operators.
2. Demonstrating synchronisation’s flexibility. We invite Lab Participants to showcase the multiple use cases services and benefits they could offer to synchronisation users by leveraging the RT2 synchronisation capability currently being developed by the Bank.
3. Supporting ecosystem readiness. We want to enable Lab Participants to demonstrate: (a) services they might offer; and (b) how they propose to interact with synchronisation users, to help understand evaluate different options for the end-to-end of a synchronised transaction. ‘Synchronisation users’ include end-customers in relevant asset markets: asset ledgers; and RT2 account holders, ie banks and other payment service providers that hold an account in RT2.

While the Lab will play an important role in shaping the Bank’s assessment of the best path for progressing towards delivering a future live RT2 synchronisation capability, it is important to note that we are not required to act on the Lab’s output. Lab Participants will not carry decision-making or formal advisory responsibilities, and we are not obliged to formally consult the Lab Participants before making decisions. Our engagement with Lab Participants will not replace the generally applicable mechanisms for consultation and engagement that the Bank operates in fulfilment of its statutory objectives.

Timelines and processes

We expect the Lab to launch in spring 2026 and to be operational for around six months. Two cohorts of Lab Participants will join approximately two weeks apart and are expected to remain involved throughout the full Lab duration.

During the Lab, Lab Participants will develop and demonstrate their use cases within six months of joining. The Lab will run across three eight-week testing and development phases each focusing on different versions of flows and functionalities. Testing will take place in a small number of weeks within each eight-week phase. In each phase, Lab Participants will showcase end-to-end synchronisation flows, involving interaction with the Lab interface and integration with systems and processes of synchronisation users, who represent key parties to the synchronised transactions. This approach is designed to enable solutions to be progressively tested, refined, and enhanced as Lab Participants move from early concept exploration to progressively shaping and testing their synchronisation use cases. Lab findings will inform the design and delivery of a potential future live RT2 synchronisation capability.

Expected timeline:

• Active from in spring 2026 (for six months)
• Technical onboarding to be available approximately one month prior to launch

Demonstrations and publication of a final report with key learnings will follow the completion of the Lab.

Lab Participants

We are keen to demonstrate and work with a wide range of use cases and models. Selection for the Lab will be on the basis of:

• strength of use case design; and
• characteristics of the applicant organisation.

Full selection criteria are set out in Annex 1: Selection criteria.

Participation in the Lab is by invitation from the Bank and based on an application process, as described in Annex 2: Expression of interest. Lab Participants could be private or public sector companies and organisations that have shown both the capability and willingness to act as synchronisation operators in the Lab.

By participating in the Lab, each Lab Participant agrees to these Terms of Participation and are expected to commit fully over the six-month period (following onboarding).

Responsibilities and activities

Lab Participants are expected to test their use cases for synchronisation; demonstrate how they would interact with the Bank and other synchronisation users; and act collaboratively. This is to ensure the Lab effectively supports a wide range of use cases; to help industry understand possible end-to-end settlement arrangements for synchronised transactions; and to help the Bank refine its requirements for a future RT2 synchronisation capability.

Lab Participants are expected to:

• develop their use cases into solutions in the form of prototypes, in their own development environment, with their own synthetic data and their choice of programming languages and tools.
• demonstrate how their prototypes interact with synchronisation users and their systems and processes, to show how the end-to-end settlement of a synchronised transaction might work.
• attend workshops (technical, analytical and business) and knowledge sharing sessions with the Bank, as required.
• provide feedback in a timely manner to feedback forms distributed by the Bank.
• meet additionally with the Bank to discuss their use cases and business models, when required.
• support interim demonstrations of the Lab’s RT2 synchronisation capability for the Bank and potentially other Lab Participants; for the Bank’s stakeholder groups (to be identified by the Bank); and where appropriate, more widely, either by performing live demonstration(s) or providing video(s).
• contribute insights and reflections from their design and development process, to help draw conclusions and shape the Lab reports which may be shared with other Lab Participants, Bank’s stakeholder groups (to be identified by the Bank), and where appropriate, more widely.

Lab Participants will nominate one person to represent them in the Synchronisation Lab User Group, a forum comprising all Lab Participants. The Synchronisation Lab User Group will meet frequently (to be determined by the Bank) for the duration of the Lab to discuss progress, outcomes, and share insights. Some meetings may involve technical demonstration of the use cases developed by the Lab Participants or any additional capability implemented on the Lab infrastructure. The Terms of Reference for the Synchronisation Lab User Group are set out in Annex 5: Synchronisation Lab User Group – Terms of Reference.

At selected points during the Lab, and again at its conclusion, Lab Participants will be invited to showcase their solutions to the Bank. They may also showcase their solutions to other Lab Participants, Bank’s stakeholder groups (to be identified by the Bank), and where appropriate, more widely. These showcasing opportunities will give Lab Participants and their project teams the chance to present progress, share learnings, and demonstrate outcomes from their work in the Lab.

The findings from the Lab will also be summarised in reports published on the Bank’s website. Lab Participants may be named in these reports unless they specifically request anonymity in their application. In those cases, their contribution will be published anonymously.

Terms and Conditions

The Terms of Participation include Terms and Conditions, which shall apply to the Lab Participants in their participation in the Lab generally and as members of Synchronisation Lab User Group, refer to Annex 4: Terms and Conditions and Annex 5: Synchronisation Lab User Group – Terms of Reference.

In consideration of the mutual obligations of the parties set out in this Terms of Participation, the parties (those participating in the Lab and members of the Synchronisation Lab User Group) agree to be bound by Annex 4: Terms and Conditions and Annex 5: Synchronisation Lab User Group – Terms of Reference.

Annexes

• Annex 1: Selection criteria

  As a guide, the Bank will consider the selection criteria set out below in evaluating applications. While the criteria are designed to ensure clarity, feasibility, and relevance, they are not intended to be unduly restrictive. The Bank will also consider the overall balance of use cases that is being tested in the Lab in terms of payment types and user journeys.

  Use case design

  • Scope. Use case(s) should credibly demonstrate end-to-end user journeys for one, or a combination, of use case(s) selected by your organisation. Responses should clearly set out the full payment flow, highlight point(s) of user interaction and describe proposed integrations with synchronisation users’ systems and processes; identify operational dependencies and describe any value-added features so that richness and completeness of the application can be assessed.
  • Compatibility. The use case(s) should be feasible to integrate and interact with our Lab environment, and their design should demonstrate both willingness and the capability to support ideally both (or at least one of the) proposed models for information exchange.
  • Innovation. Use case(s) should either integrate or improve payment services that exist today or demonstrate new payment services that do not currently exist. Use case(s) must also demonstrate thoughtful consideration of operational resilience, and the cyber risks, and the responsible deployment of technology in ways that uphold trust and security across the ecosystem.
  • Uniqueness. The Bank will consider a range of business cases when assessing uniqueness. If multiple applications address the same or similar use cases, we are prepared to accept more than one. We will give preference to applications that best meet the wider evaluation criteria, demonstrating strong alignment, innovation or execution potential. These aspects will be assessed by reviewing the clarity and completeness of the application, the strength of the business rationale, the extent which the proposed solution leverages the Lab’s capabilities, and the practicality of the implementation approach.

  Organisation

  • Expertise and experience. Organisations must demonstrate relevant expertise in technology, payments, or has experience developing products and services.
  • Resources. Organisations must demonstrate that they can commit sufficient time, expertise and resources to build use cases and contribute to the Lab learnings. This may include details of any established or emerging partnerships or collaborations with synchronisation users that will support your participation and delivery within the Lab.
  • Capability. Organisations must demonstrate their ability to build the use cases(s), both in terms of skilled resources and development environment and tools.
  • Risk. The Bank reserves its right to exclude Lab Participants where the delivery of a particular use case or the participation of an applicant may create material concern, for example, the delivery of the use case poses a heighted cyber security threat.

• Annex 2: Expression of interest

  Interested Lab Participants are invited to submit your application to SynchroLab@bankofengland.co.uk by 28 November 2025.

  High-level design for your synchronisation use case(s)

  A detailed description (maximum five pages, including diagrams and using free form text) outlining:

  • Objective(s) and problem statement: Clearly articulate why the identified problem is important, who in the payment ecosystem it affects, and in what way. Proposals should also describe the potential impact to end-users of payment services if the problem is not addressed. It would be helpful to provide any supporting evidence for this, including from those impacted by the problem.
  • Business case and supporting evidence: Include details on the technical, market, commercial, and resourcing aspects of your proposal:
    • Proposed technical solution: Summarise your end-to-end solution (including the synchronisation operator prototype). Explain how your solution will interact with the Lab interface to RT2 that the Bank will provide, how you propose to demonstrate possibilities for integration with the systems and processes of other parties to a synchronised transaction (RT2 account holders, asset ledgers, and end-customers); and describe the scenarios you plan to test. Include in your description how this approach address(es) the problem statement.
    • Market interest and support – Outline market demand / interest or support for your proposed solution (if any), including any relevant partnerships with synchronisation users you have in place or are developing.
    • Resourcing plan – Describe the brief role of each team member participating in the Lab, including their dedicated capacity and relevant expertise.
    • Commercial proposition (desirable, not essential) – Outline a delivery timeline for your solution and explain how you would envisage building a commercial proposition (beyond the Lab) around a future live RT2 synchronisation capability that the Bank would deliver.
  • Preferred model(s) for information exchange between RT2 and synchronisation operators: The Bank is currently considering two different models for enabling information-exchange between RT2 and synchronisation operators. An elaboration of these models is in Annex 3: Models that the Synchronisation Lab will explore. Please indicate: (i) Which model you would prefer to test in the Lab; and (ii) Whether you are open to testing both proposed models.
  • Description of your company or organisation (no more than one page) including outlining relevant experience and how it applies to your proposed use case(s), and any regulated status your organisation holds, and whether you expect your synchronisation business model to fall within the scope of this regulatory status. Responses should consider the relevant activities outlined in the Terms of Participation.
  • A confirmation of the country or countries where (i) your organisation is established, (ii) each member of your project team will be working and (iii) where you intend to build and implement your use case(s).
  • A declaration of information sharing. Please confirm whether you agree to share your organisation’s name, your proposed use case(s), high-level design(s), and scenario(s) tested with other Lab Participants, Bank’s stakeholder groups (to be identified by the Bank), and where appropriate, more widely, as well as in the publication of the Bank’s report(s) and demonstration event(s).
  • A confirmation acknowledging that entry into the Lab does not guarantee live RT2 access. Having live RT2 access will require Lab Participants to meet separate assurance requirements (which may include but are not limited to providing further information such as a rulebook and details of legal, governance and risk arrangements).

• Annex 3: Models that the Synchronisation Lab will explore

  In our industry engagement work so far, we’ve heard that a range of factors determine how useful a synchronisation service might be. In particular, RT2 account holders tell us that their readiness to adopt synchronisation will be influenced by:

  • the cost and ease of integrating a synchronisation flow with their existing end-to-end processes;
  • the potential for the volume of synchronised transactions to scale; and
  • the scope for leveraging the efficiencies and risk-mitigation arrangements in existing payment systems.

  Different options for orchestration and information-exchange offer different combinations of pros and cons across relevant parameters, eg innovative potential, cost, reliability, and customer service. The nature and relative importance of these pros and cons will differ across types of synchronisation user, eg priorities of RT2 account holders may differ from those of synchronisation operators, end-customers, and external asset ledgers.

  Accordingly, the Lab will explore at least two different synchronisation models that will help the Bank and synchronisation users to evaluate credible orchestration options.

  Proposed Model 1

  The synchronisation operator sends the settlement instruction for earmarking to RTGS.

  • This model could offer a synchronisation operator greater control and flexibility, with minimal orchestration complexity when executing each settlement. It would make it easier for synchronisation operators to serve use cases that require multilateral settlement, ie payments between more than two RTGS account holders. This could enable synchronisation operators to offer users a wider set of innovative services.
  • This model also eliminates the need for account holders to have direct RTGS integration via Swift messaging or APIs, thus allowing for greater scope of account holder participation for Synchronisation.

  Proposed Model 2

  The RTGS account holder sends the earmarking instruction, under direction from the synchronisation operator.

  • This model could reduce the incremental change required for RTGS account holders in adopting basic synchronisation services, by enabling greater reuse of existing payment flows and system arrangements.
  • But this would be at the cost of reduced flexibility and greater orchestration complexity for a synchronisation operator when executing settlement.

  Successful applicants would receive full specifications before the Lab launches to enable their design and build. The Bank will review applications with a view to ensuring that both models can be tested in the Synchro Lab. Applicants should therefore note in their applications if one or the other model is preferred and if both can be tested.

  In the Lab, further two models may also be considered based on the feedback gathered during initial experimentation. These may include additional controls around the functionality

• Annex 4: Terms and Conditions

  The following Terms and Conditions apply to both Lab Participants and those participating in the Synchronisation Lab User Group, collectively referred to as ‘Participants’.

  Confidentiality

  The Bank is committed to being transparent about its work, including the operation of the Lab and the Synchronisation Lab User Group. Subject to the confidentiality provisions below, the Bank reserves the right to use non-confidential information shared by Participants in its Lab deliverables, including announcements; Lab reports detailing the findings of the Lab; a final demonstration event; and any interim demonstrations for the Bank and potentially for other Participants, Bank’s stakeholder groups (to be identified by the Bank), the Synchronisation User Group, and where appropriate, more widely. The Bank plans to disclose names of Participants, although Participants may inform the Bank if they would prefer their names not be disclosed.

  Participants are reminded of their legal obligations in relation to material non-public information, including under the UK Market Abuse Regulation (Regulation (EU) No 596/2014). Under no circumstances should market sensitive information be shared in the Lab or as part of the Synchronisation Lab User Group.

  Any non-public information disclosed, or opinions expressed, by the Bank in the context of the Lab should be treated as confidential.

  Participants should inform the Bank, in writing, of any information shared with the Bank as part of the Lab and/or the Synchronisation User Group which they consider to be confidential and highlight why they believe it to be confidential. It is also the responsibility of any Participant to ensure that they are satisfied with the level of protection for any information shared by them. If they are not satisfied, then it is the Participant’s responsibility to not share any such information.

  Where confidential information is disclosed by a party (whether that be the Bank and/or a Participant) in the course of their participation in the Lab and/or the Synchronisation Lab User Group, the receiving party (whether that be the Bank and/or a Participant) agrees to: (i) keep such information confidential and safeguard it accordingly; (ii) not use or exploit the confidential information in any way including but not limited to their competitive and/or market advantage, except for the purposes of the Lab and/or the Synchronisation Lab User Group; (iii) not directly or indirectly disclose or make available any such confidential information in whole or in part to any person, except as expressly permitted in writing by the owner of the confidential information; (iv) not to copy, reduce to writing or otherwise record confidential information except as strictly necessary for the purposes of the Lab and/or the Synchronisation Lab User Group.

  The confidentiality obligations shall not apply where: (i) disclosure is a requirement of the law placed upon either the Bank and/or a Participant including any requirements for disclosure under the Freedom of Information Act 2000 or the Environmental Information Regulations; (ii) such information was in the possession of the Participant making the disclosure without the obligation of confidentiality prior to its disclosure by the information owner; (iii) such information was obtained from a third party without the obligation of confidentiality; (iv) such information was already in the public domain at the time of disclosure other than by a breach of this Terms of Participation; (v) such information is independently developed without access to the other party’s confidential information.

  These terms shall survive the termination or expiration of this Terms of Participation.

  Conflicts of interest, competition law and information-sharing

  Participants are responsible for identifying and declaring any conflicts of interest that may arise from participating in the Lab and/or the Synchronisation Lab User 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 Participant in question from the Lab and/or the Synchronisation Lab User Group.

  It is the responsibility of each Participant to ensure they understand their responsibilities under, and fully comply with, all applicable competition laws. To the extent that any Participant is unclear about these, they should seek legal advice and if appropriate arrange to undertake competition law compliance training or seek further guidance at their respective organisations

  Particular care will need to be exercised in order to make sure that Participants (and their representatives) familiarise themselves with the concept of competitively sensitive information and do not unilaterally disclose or exchange it under any circumstance.

  Publicity and branding

  Participants shall not without the prior written consent of the Bank, and/or other Participants, use the name or brand of the Bank or any Participant, in any promotion, marketing, announcements relating to the Lab and/or the Synchronisation Lab User Group. Where the use of names or brand is permitted, the Bank, and/or each Lab Participant shall provide to the other Participant(s), their name or brand in a format to be used for the purpose permitted.

  Participants may, with the prior written consent of the Bank (which the Bank will not unreasonably withhold), make public statements about their work in the Lab and/or the Synchronisation Lab User Group. After Participants are onboarded to the Lab and/or the Synchronisation Lab User Group, the Bank will provide Lab Participants with detailed guidelines on permitted public statements.

  Participants agree that they shall not: (i) make any public statements about the Lab and/or the Synchronisation Lab User Group which implies that they are speaking on behalf of the Bank, on any future policy of the Bank and/or on the final design of the synchronisation capability or (ii) conduct themselves in such a way as to imply or express any approval or endorsement by the Bank of any products or services which they are testing in the Lab or discussing as part of the Synchronisation Lab User Group. For avoidance of doubt, participation in the Lab does not constitute acceptance of a Participant’s solution as a live RT2 synchronisation capability.

  Intellectual property

  The Bank will make the Lab infrastructure available for Participants to interact with, including through application programming interfaces (APIs).

  Participants shall not acquire any right, title, or interest in or to the Intellectual Property Rights (‘IPRs’) of the Bank or its licensors, in the Lab infrastructure, including any updates and changes which the Bank makes to the Lab infrastructure to engage Participants’ use cases including following feedback from individual Participants or the Synchronisation Lab User Group.

  The Bank shall not acquire any right, title, or interest, in or to Lab Participant’s IPRs, including any pre-existing IPR and any use cases designed and developed for the Lab.

  The Bank grants to the Participant a limited, non-exclusive, royalty-free, non-transferable licence to use the IPR in the Lab infrastructure. This includes but is not limited to the management portal, the APIs, the sample applications, and the smart contract platform and any updates and changes which the Bank makes to the Lab infrastructure to enable Participant’s use cases, during their term in the Lab and solely for the purpose of participating in the Lab.

  The Participant grants to the Bank a perpetual, irrevocable, non-exclusive, royalty-free, worldwide and sub-licensable licence, to use (including but not limited to the right to load, execute, store, transmit, display, copy and publicise) the Participant’s IPRs as necessary for the Bank to enjoy the full benefit of use cases developed for the Lab. This includes but is not limited to the right: (i) to use of all information that the Participant shares concerning their use case; (ii) to use Participant’s pre-existing IPR included in use cases; (iii) to use feedback and insights provided as part of the Lab including, feedback on any aspect of the Lab infrastructure; and (iv) the right to make such information, except information which is considered confidential, publicly available, for example, in the form of reports and videos describing the use cases and the findings derived from developing these use cases.

  The Participant warrants that it has the power, authority, and right: (i) to provide the use case to the Bank without infringing or violating the rights (including Intellectual Property Rights) of any third party; and (ii) for the Bank to fully enjoy the use cases provided by the Lab Participant as anticipated by this Terms of Participation without infringing or violating the rights (including IPRs) of any third party. The Participant warrants that it will not knowingly, wilfully, or negligently cause the Bank to be in breach of such third party’s IPRs or other rights through the Bank’s enjoyment of the use cases as anticipated by this engagement.

  The Participant shall indemnify and shall keep indemnified the Bank against all claims, actions, losses, liabilities, costs, and expenses (including all interest, penalties, and legal and other professional costs) which the Bank may suffer or incur as a result of or in connection with any breach of the Intellectual Property provisions.

  Data protection

  Each party agrees that it shall duly observe all its obligations under the applicable data protection legislation.

  Where the Participant shares personal data with the Bank in its participation in the Lab and/or in the Synchronisation Lab User Group, the Bank shall process the personal data as a data controller in line with its privacy notices (refer to Annex 6: Data protection information).

  Term

  The Bank expects Participants to develop and demonstrate their use cases within six months of entering the Lab.

  If at any time during the Lab and/or the Synchronisation Lab User Group, the Bank considers that a Participant is not engaging in a sufficient or collaborative manner, the Bank, acting reasonably and in its absolute discretion, may temporarily suspend the participation of the Participant until any concerns have been addressed.

  The Bank may terminate, with immediate effect, the Participant’s involvement in the Lab and/or the Synchronisation Lab User Group where the Participant commits a material or repeated breach of the Terms of Participation and: (i) the breach is capable of remedy but the Participant has not remedied the breach to the satisfaction of the Bank within an agreed period; or (ii) the breach is not capable of remedy.

  Disclaimer

  Neither the Bank nor any of its staff, officials, or representatives are responsible for any views or statements expressed by Participants.

  The activities, discussions, and outputs of the Lab should not be taken as an indication of future policy by the Bank.

  General provisions

  These Terms of Participation shall apply to Participants for the duration of their term in the Lab and/or Synchronisation Lab User Group unless and until such time as the Bank exercises its right to terminate a Lab Participant’s involvement due to a breach. Any provisions that by implication are intended to come into or continue in force on or after the termination or expiry of the Terms of Participation shall remain in full force and effect.

  The Bank reserves the right to amend these Terms of Participation at any time by giving the Participants reasonable notice in writing. Updated Terms of Participation will be provided to all Participants.

  These Terms of Participation shall be governed by English law and the parties submit to the exclusive jurisdiction of the English courts to settle all such disputes or claims.

• Annex 5: Synchronisation Lab User Group – Terms of Reference

  The Synchronisation Lab User Group (‘the User Group’) is a forum comprising of all Lab Participants for the purpose of discussing progress and outcomes, and sharing insights on the use cases they have been testing in the Lab; for practical reasons, there will be two User Groups, one for each cohort participating in the Lab. The User Group will also be used to provide information about how the Lab will be organised and delivered, including sharing information about how the Lab will be run and actions required of Lab Participants.

  Membership

  All Lab Participants will appoint an individual from their team to represent them on the User Group. Membership is on an organisational basis and individuals appointed are expected to be members of the Lab Participants’ project teams directly involved in the Lab. At times, we may ask for or allow additional attendees from your organisation to attend where needed for specific discussions.

  The User Group will meet frequently (to be determined by the Bank) for the duration of the Lab.

  The Bank will chair and co-ordinate all meetings.

  Responsibilities

  The Bank will engage members of the User Group on issues of relevance to operation of the Lab and the use cases that the Lab Participants have been testing in the Lab. This will include updates on the progress and phases of the Lab, next steps and any actions that Lab Participants will need to undertake.

  Members of the Users Group are expected to:

  • attend virtual User Group meetings as required.
  • provide technical, analytical and business perspectives and inputs to the discussions.
  • contribute to Lab learnings by sharing information on their use case (including live demonstrations) and learnings, providing feedback on Lab functionalities, and sharing lessons from their overall experience in the Lab. Note that this will only be one forum for provision of this information – though will likely be the most timely and efficient route for sharing views.

  The User Group is not a decision-making body for the Lab. The activities and discussions of the User Group should not be taken as an indication of future policy by the Bank.

  The Terms and Conditions set out in the Terms of Participation shall apply to the User Group. Additional terms in relation to conflicts of interest, competition law and information-sharing are set out in this annex.

  The Bank may invite select stakeholder groups (to be identified by the Bank) to attend specific User Group meetings as observers. The observers must comply with these Terms of Participation where relevant.

  Conflicts of interest, competition law and information-sharing

  Members are responsible for identifying and declaring any financial or other interests that could create or be seen to create a conflict of interest as a member of the User Group, as soon as they arise. This includes reviewing the forward agenda and identifying and declaring any conflicts of interest to the Bank before every meeting. If a member finds that a conflict of interest becomes apparent only as the meeting progresses, the nature of the conflict should be declared as soon as practicable to the Bank. The Bank, as Chair of the User Group, will then decide how the conflict should be managed, including whether the member should: (i) leave the meeting during discussions relating to the conflicted matter; (ii) stay in the meeting but not participate in the discussion; or (iii) stay in the meeting and participate freely

• Annex 6: Data protection information

  The Bank will collect the name, work email address, job title and name of organisation from individuals who submit an application on behalf of their organisation. The Bank may also collect some of this information from individuals who are nominated to represent their organisation in the Synchronisation Lab User Group. The Bank will also collect views, opinions and further personal data where this is shared either verbally or in writing by individuals participating in online meetings or submitting feedback forms.

  Where the Bank processes personal data for the purposes of the Lab, the Bank will use the information for the purpose of reviewing and assessing applications to become a Lab Participant in the Lab, to communicate with Lab Participants, and to advance the purposes of the Lab as set out more fully in these Terms of Participation. This includes contacting unsuccessful Lab Participants if subsequent opportunities for participating in the Lab arise.

  The Bank is a ‘controller’ (within the meaning of data protection law) in respect of the personal data it processes for the selection of Lab Participants and the operation of the Lab. The Bank processes this personal data as it is necessary to perform a task carried out in the public interest and in the exercise of its official functions, in line with data protection law.

  The Bank will retain personal data only for as long as necessary to fulfil the purposes for which it was collected, after which it will be securely deleted or anonymised in accordance with the Bank’s data retention policies. Key contact details will also be stored in RCEP for the life of the Lab to enable effective and efficient engagement with contacts. At the end of the Lab, we will ask contacts if they wish for us to retain their details. If not, they will be removed from mailing lists which are specific to synchronisation.

  The Bank considers that each Lab Participant is likely to be a ‘controller’ in respect of their own processing of personal data for the purposes of their participation in the Lab.

  You have a number of rights under data protection laws. For more information about how the Bank processes personal data or to contact the Bank about those rights, including making a request for the personal data the Bank holds about you or to request that we no longer use your personal data, please see the Bank’s Privacy notice, as well as the specific Privacy notice for RTGS contacts.