This page is for RTGS Participant Banks:

The only proven Synchronisation Operator today

Providing Synchronisation since 2009

Why use Transpact.com for the Bank of England's Synchronisation Lab ?

FCA authorised Transpact.com has protected many millions of pounds in real world Synchronisation over the last 16 years, and continues to do so today.

By offering its proven Conditional Payment (a.k.a. Synchronisation, a.k.a. Escrow, a.k.a. Smart Contracts) service to businesses and individuals, Transpact.com has protected hundreds of thousands of individuals and businesses to date. So far, all transactions have been in non-Central Bank money.
The introduction of RTGS Synchronisation allows Transpact.com's to seamlessly provide Synchronisation (Conditional Payment) services in Central Bank money using its proven and fully functional existing systems.

What is Transpact.com Synchronisation proven and useful for ?

• Asset sales/purchases, including property, shares, debentures, etc.
• Sales/purchases of services, such as construction, etc.
• All types of deposit and collateral situations
• Sales/purchases of Intellectual Property, such as domain names, etc.
• Sales/purchases of other Rights, Derivatives, etc.
• Sales/purchases of Money, such as fx transactions, etc.

Transpact.com operates one-sided Synchronisation - i.e. it does not get involved in the underlying transaction in any way - it doesn't need to.
By holding payment conditionally for the payer and the payee, the underlying transaction can safely complete, with one party passing the underlying asset/money/goods/etc. to the other party, knowing that by doing so the Synchronisation guarantees that they will be paid 100%, whilst the payer knows they will receive everything they were promised or 100% of their money back.
Separately, for deposit type situations, one-sided Synchronisation ensures the deposit amount is safely and correctly handled.

Capability	Transpact.com Today	RTGS Synchronisation - 2028+
Synchronisation Engine	Fully Operational	Planned
Overnight Protection	Supported Now	Not for some years
Settlement Asset	Commercial Bank Money	Central Bank Money
Regulation	FCA Authorised	Bank of England Tier

How does Synchronisation using Transpact.com Work ?:

Prerequisite: Transpact.com and the RTGS bank sign a bilateral agreement, agreeing obligations and fees between the parties for all transactions handled through Transpact.com's Synchronisation. Obligations include the requirement for the RTGS bank to make full payment to their client's account for any Synchronised earmarked payment as instructed by Transpact (less any agreed fees).
In the context of the Bank of England's Synchronisation Lab, no bilateral agreement will be signed, and RTGS banks will simply use Transpact.com's Synchronisation Lab services (full details to be announced once the Bank of England releases details of the Synchronisation Lab APIs).

Synchronisation then works simply, using Transpact.com's proven workflow:

The end-client-payer and the end-client-potential-payee agree on the Transpact.com website platform the 'Synchronisation Conditions' that will later determine whether payment is made on to the payee or back to the payer.

The end-client-payer signals to its RTGS Participant bank that it wishes to make a Synchronised payment to the end-client-potential-payee. It does so by using a pre-agreed protocol previously set by the bank. One way the bank may do so is by instructing its client to make a non-Central-Bank money payment of the relevant amount to a special Synchronisation holding account of the bank (a purely internal bank payment). The payment includes the amount and Synchronisation reference, allowing the RTGS Participant bank to create the Synchronisation earmark.

The RTGS earmark is created, either by the RTGS Participant bank or by Transpact.com (depending on the model the Bank of England chooses - details still awaited from the Bank of England).

Events then unfold externally which determine whether the payment should be paid on to the RTGS participant bank of the end-client-potential-payee (earmark completed), or back to RTGS participant bank of the end-client-payer (earmark unwound). Either the appropriate RTGS participant bank or Transpact.com instructs the Bank of England RTGS to treat the earmark appropriately (details awaited from the Bank of England).

Whichever RTGS Participant bank receives the payment, that bank then credits its customer in non-Central Bank money with the amount received less fees.

Useful even for intra-bank Synchronised Payments

If both the end-client-payer and end-client-potential-payee bank with you, then you can handle the transaction internally without having to invoke an RTGS earmark.
But in that case, you as the bank still need to handle the synchronisation process with the end parties.
Using Transpact.com, you can automatically do so and handle the whole Synchronisation internally and at greater profit.

Sandboxed Test Platform Available for you today to perform Synchronisation experiments

We host a testing environment for you to freely experiment and explore Synchronisation transactions.

The sandboxed test environment is identical in every way to our Live Transpact.com proven service, except that you can make fake RTGS (or other payment type) payments on the test sandboxed platform (which you obviously cannot do on the Live platform).

By following through a customer journey as a Synchronisation payer or a Synchronisation potential payee on the test platform, you can get to grips with the actual operation of Synchronisation in the real world, and discover its benefits and requirements in practice.

Whether for assets, goods, services, money, collateral or deposits, contact us to use our free test sandboxed Synchronisation platform today to experiment and understand Synchronisation.

How do I get Started ?

Transpact.com has a fully operational proven sandboxed test platform already in operation, which is identical to our live platform (simulated payments can be made on the test platform).

To get started, either send an email to BoESyncLab at Transpact.com, or fill in the form below to express interest:

Bank Name:
Your Name
Your Email
Your Phone Number