BoE published a report summarizing the outcomes of the Proof of Concept (PoC) to understand how a renewed RTGS service could be capable of supporting settlement in systems operating on innovative payment technologies, such as those built on distributed ledger technology (DLT). BoE had announced, on March 27, 2018, that it was running a PoC with Baton Systems (Baton), Clearmatics Technologies Ltd (Clearmatics), R3, and Token.
All participants confirmed that the functionality offered by the renewed RTGS service would enable their systems to connect and to achieve settlement in central bank money. A number of recommendations were received to ensure optimal access to central bank money. Based on these recommendations, BoE will:
- Consider how different account structures could be used in the renewed RTGS service
- Investigate whether the renewed RTGS service could provide and consume acceptable forms of cryptographic proofs
- Continue to engage with Fintech firms to keep up to date with innovation in payment technology
Keywords: Europe, UK, PMI, Banking, Proof of Concept, Fintech, DLT, RTGS, BoE
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