- Chainlink takes part among other organizations in testing the second version of the Real-Time Gross-Settlement-Systems RTGS der Bank of England part. This is about the synchronous settlement of transactions involving central bank money and on-chain securities.
- In the six-month innovation program, the British Central Bank is systematically investigating for the first time how modern interoperability applications can be embedded in the RTGS system version RT2.
In a so-called Synchronisation Lab The British Real-Time Gross Settlement System RTGS is to be comprehensively modernized. It has been the basis of payment transactions in the United Kingdom for decades. With version RT2, the Bank of England wants to establish a modified system that can not only process classic payment flows, but also handle tokenized assets, programmable payments and future, new forms of digital money.
The Synchronization Lab builds on the results of the earlier Meridian project. It had already shown that the completely synchronous processing of transactions between securities and central bank money “step by step” is technically feasible. Specific design options should now be tested, which could later be incorporated into the “live” infrastructure.
Competence in the area of interoperability
Chainlink brings its expertise in the area of decentralized oracles and in particular the Cross-Chain Interoperability Protocol CCIP to the program. The aim is to prove that different DLT systems, tokenized assets and simulated RTGS accounts can interact securely with one another.
The Bank of England provides a test environment in which participants map end-to-end processes, evaluate synchronization models and simulate the behavior of different market participants. Chainlink is intended to show how settlement instructions can be reliably transferred between onchain systems and central bank components – a critical building block for the future, new financial market infrastructure.
Importance for tokenization
The Bank of England Synchronization Lab has significant strategic weight. Its results flow directly into the regulatory and technical design of the British financial system.
The project shows the crypto industry that it is not just the EU central banks that are working to embed tokenized securities, digital central bank money and the programmable processing of transactions into existing classic financial structures.
By participating in the project, Chainlink consolidates its position as a neutral infrastructure provider, usable both in Web3 projects and by traditional financial players. Interoperability is not an optional “nice to have” feature, but rather a basic requirement for the functioning of the next generation of financial markets.
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