The Bank of England has announced its plan for a Proof of Concept using Distributed Ledger Technologies DLT. The Bank is planning a modernization of the Real-Time Gross Settlement (RTGS). RTGS is an accounting system that allows eligible institutions to hold reserve balances at the Bank and settle obligations to each other.
Despite launching the PoC, the bank stated that “DLT is not yet sufficiently
mature to provide the core for the next generation of RTGS”. But it wants to be capable of interfacing with DLT platforms when they go live in the future.
When the bank launched its roadmap for reforming the RTGS one of the objectives was to support innovative payment technologies, of which DLT is one. The PoC is not going to focus on a single platform but instead partner with several firms, which are not all DLT related companies: Baton Systems, Clearmatics Technologies Ltd, R3, and Token.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
