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March 27, 2018

BoE is undertaking a Proof of Concept to understand how a renewed Real Time Gross Settlement (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 expects to publish a summary of findings from the Proof of Concept later in 2018. The findings will set out any enhancements to the settlement functionality offered in the renewed RTGS service to accommodate payment systems using innovative technologies.

BoE is partnering with a range of firms developing payment arrangements using innovative technologies: Baton Systems, Clearmatics Technologies Ltd, R3, and Token. These firms are engaging with the Proof of Concept in several ways. The inclusion of multiple firms in the Proof of Concept will give broader insight into the range of functionality BoE might need to offer to support this sector. Participants in the Proof of Concept have access to a cloud-based system developed by BoE, which replicates a version of the prefunded net settlement arrangement a renewed RTGS service will offer to the major UK retail payment systems. The Proof of Concept is exploring whether innovative settlement systems are able to interface with that functionality and identifying ways in which the renewed RTGS service functionality could be expanded.

BoE has set out its vision for a renewed RTGS service that will deliver a materially stronger, more resilient, flexible, and innovative sterling settlement system for the UK to respond to the rapidly changing payments landscape. The RTGS blueprint, which was published in May 2017, stated that the renewed service will offer a diverse and flexible range of settlement models, to enable existing and emerging payment infrastructures to access central bank money. Although the BoE has concluded that DLT is not yet sufficiently mature to provide the core for the next generation of RTGS, it places a high priority on ensuring that the new service is capable of interfacing with DLT, as and when it is developed in the wider sterling markets.

 

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Keywords: Europe, UK, PMI, DLT, Payment Systems, Fintech, RTGS, BoE

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