Live since 28 April 2025, it’s now the foundation for transformative innovation in UK wholesale payments.

Why RT2 is a game‑changer

• Resilience and speed: RT2 is designed to be robust against outages and cyber threats, using geographically diverse data centres and fortified security measures.
• Modern usability: The platform features BERTI (Bank of England Real Time Interface), enabling real‑time account data and over 43,000 API calls since launch.
• Open access: RT2 now offers broader access to non‑banks and new market players, supporting increased competition and innovation.
• Interoperability: Built on ISO 20022 messaging and industry standards, RT2 dovetails with global payment systems.

These enhancements not only bolster day‑to‑day operations; they’re the launching pad for projects like frictionless account-to-account payments, tokenised securities, and cross‑border FX solutions.

Synchronisation Lab: coordinating money and assets

Victoria introduced an exciting development: the Synchronisation Lab. As called for in the 2022 RTGS Roadmap Consultation, the lab will pilot conditional settlement, coordinating RT2 fund transfers with payments in external asset-ledgers.

This is transformative: imagine moving central bank money in RT2 only if a tokenised asset transfer on a DLT ledger completes. This system, operated via a “synchronisation operator”, protects parties from settlement risk and could redefine trust in wholesale transactions.

One practical application under consideration is Project Meridian, which explores synchronised settlement for cross‑border foreign exchange.

Wholesale experiments: CBDC vs synchronisation

Victoria confirmed a programme of wholesale experiments launching now – exploring tokenised securities and FX settlements, supported by technical input from the BIS Innovation Hub in London.

A key goal: establish a data-driven comparison between Wholesale CBDC models and synchronisation-based approaches. Findings will culminate in a final report by H2 2026 and inform decisions on whether to pursue deeper CBDC pilots alongside RT2 enhancements.

Why this matters

1. Efficiency and risk management
   Sync‑enabled settlement could dramatically reduce counterparty risk by ensuring money and assets transfer together. This is particularly relevant for banks, custodians, and institutional investors.
2. Inclusive market access
   By opening RT2 to a wider range of participants, including smaller fintechs and payment providers, the Bank’s strategy encourages diverse innovators to plug into central bank money infrastructure.
3. Global competitiveness
   Synchronisation and tokenisation align with global trends. The UK’s early momentum could attract international liquidity, fintech businesses, and tech investment.
4. Ecosystem synergy
   These initiatives dovetail with the Bank’s other strands – including retail CBDC, T+1 securities settlement ambition, and cross‑infrastructure digital experiments.

What’s next?

• The Synchronisation Lab will begin testing soon, offering a sandbox for operators and technologists.
• Ongoing wholesale experiments will explore real‑world use cases in tokenised securities – a sign of further ambition.
• The Bank plans to render its judgment on wholesale CBDC in H2 2026, grounded not in ideology but evidence.

Final thoughts: riding the innovation wave

Victoria closed with a clear message: RT2 is a platform, and synchronisation is the next frontier. As innovation accelerates, industry can and should play a leading role – whether by piloting with the Sync Lab, proposing use cases, or preparing for broader access

In short: we’re past the point of building systems. The future is about how we use them – together.

How to get involved:

• Consider joining pilot programmes like the Synchronisation Lab.
• Explore API integration opportunities via BERTI.
• Monitor outcomes from H2 2026 experiments and start preparing for wholesale CBDC decisions.

RT2 has laid the tracks, but it’s our collective innovation that will drive the train.

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